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US dollar index gains above 96.60

GKFX | Mar. 25, 2019
US dollar index gains above 96.60

The greenback, measured by the US Dollar Index (DXY), has started the week on a positive footing around the 96.60 region.

March 25, GKFX – The index is looking to extend the rebound from last week’s lows in the sub-96.00 area in the wake of the FOMC meeting, although gains seem so far capped by the 96.80/85 band.

The greenback stays somewhat supported on Monday after the Mueller’s report concluded that President Trump did not conspire with Russia during the elections in 2016.

In addition, Chicago Fed C. Evans stressed the US economy remains healthy and strong, noting that the current monetary policy stance is neither accommodative nor restrictive and that the Fed is ready to act in case inflation undershoots.

What to look for around USD

The greenback left behind recent Fed-induced lows although it is expected to remain in centre stage while investors keep scrutinizing the performance of yields and the recent inversion of the 3m-10y curve.

In light of the heightened patient stance from the Fed, traders will now scrutinize every piece of incoming data, particularly regarding the inflation performance. Fresh jitters from the US-China trade front could, however, put a floor to the buck’s decline in the near/medium term.

US dollar index technical analysis

At the moment, the pair is gaining 0.07% at 96.62 facing the next hurdle at 96.81 (high Mar.22) seconded by 97.37 (high Feb.15) and finally 97.71 (2019 high Mar.7). On the downside, a breach of 95.74 (low Mar.20) would open the door for 95.16 (low Jan.31) and then 95.03 (2019 low Jan.10).

Disclaimer

This article was provided by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you, then this should be solely at your discretion, and GKFX will not be held accountable in any way.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.