US Dollar revert losses, back to 95.60

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The greenback, in terms of the US Dollar Index, has managed to leave behind the morning dip to the vicinity of the 95.00 handle and regain the 95.60 area.

    US Dollar recovers ground ahead of FOMC

    The US dollar has regained buying interest during the European session in response to the dovish tone from the BoE meeting and minutes and the ECB Accounts, which left the door open for a modification of the current QE programme if needed.

    On the US side, US Initial Claims have come in at 263K in the week ended on October 2, bettering estimates at 274K and down from 277K. Next on tap will be the FOMC minutes and the speeches by FOMC’s Kocherlakota and Williams.

    US Dollar levels to consider

    At the moment the index is losing 0.041% at 95.64 and a breach of 94.06 (low Sep.18) would expose 93.72 (low Aug.26) and finally 93.25 (low Aug.25). On the slip side, a breakout of 96.49 (high Oct.1) would open the door to 96.70 (high Sep.25) and then 97.07 (high Aug.19).
    For more information, read our latest forex news.

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