FXStreet The US Dollar Indexwhich is a measure of the value of the US Dollar using a Basket of six currencies, compares, for week start little changed traded. The reason for this is the low volatility due to the holiday “Memorial Day” in the United States of America.
The US Dollar has tough nut to crack
The Index aims to expand its profits, however, the Greenback needs a stronger catalyst to skip the recent highs at around 97,50 in a sustainable way.
The USD was able to leave his previous week’s lows in the Region of 96,70, as the bargain hunters buying the Dip, along with the resurgence of hopes for a rate increase by the Federal Reserve at the next meeting. According to the CME Group FedWatch Tool, market participants assess the likelihood of such a step to over 83 percent.
The economic calendar also this week, a lot to offer. Be published in the United States, the private and official labour market data and the ISM Index for the Manufacturing sector.
However, the Greenback is likely to remain due to the speculative financial investors are under pressure. You have their net-Long positions in the week to 23. In may, the lowest level since the beginning of October 2016 lowered, as the CFTC reported on Friday.
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US dollars relevant levels
The Index was last updated on 97,34 and to 0.01 percent in the Plus. The next Resistances lie at 97,47 (High-26. May), 97,97 (High 18. May) and 98,20 (20-day line). Technical supports are at 96,70 (Deep 23. May 2017), 95,91 (Deep 09. November 2016) and 94,95 (Deep 22. To find September 2016).
** FXStreet News Editorial, FXStreet**