22 Jul 2013
US Dollar index bouncing off lows
FXstreet.com (Edinburgh) -The greenback, in terms of the US Dollar Index, is now recovering some pips after testing session lows around 82.00 the figure post-US data.
DXY hurt by housing data
The USD retreated sharply after the US Existing Home Sales posted a monthly contraction of 1.2% in June, missing the median at 0.5% and down from May’s 3.55 advance. According to Jane Foley, Strategist at Rabobank, “Speculators hung onto USD longs in the approach to Fed President Bernanke’s semi-annual testimony last week. In the event, the accommodative rhetoric was repeated pushing the USD a little lower in the spot market and suggesting USD CFTC positions could be shorter this week”.
DXY levels to watch
The index is now losing 0.55% at 82.16 facing the next support at 82.00 followed by 81.60 while a break above 82.55 would bring 83.00 and then 83.20.
DXY hurt by housing data
The USD retreated sharply after the US Existing Home Sales posted a monthly contraction of 1.2% in June, missing the median at 0.5% and down from May’s 3.55 advance. According to Jane Foley, Strategist at Rabobank, “Speculators hung onto USD longs in the approach to Fed President Bernanke’s semi-annual testimony last week. In the event, the accommodative rhetoric was repeated pushing the USD a little lower in the spot market and suggesting USD CFTC positions could be shorter this week”.
DXY levels to watch
The index is now losing 0.55% at 82.16 facing the next support at 82.00 followed by 81.60 while a break above 82.55 would bring 83.00 and then 83.20.