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14 Aug 2013
US Dollar Index in red around 81.70
FXstreet.com (Edinburgh) -The US Dollar Index, which tracks the world’s reserve against its major competitors, is posting marginal losses after three straight days of advances, hovering over the 81.70/75 region.
DXY softer on scarce data
Second-tier data in the US economy showed that producer prices came in short of expectations during July, with the headline print advancing at an annual pace of 2.1% and 1.2% excluding energy and food costs, adding to the selling pressure around the buck. “Bolstered by recent US data and official comments, speculation that the Fed will begin tapering as early as a month from now has negated the impact of the positive surprises from Europe today, leaving the dollar with a firmer bias. The debate among is not so much whether the Fed tapers as is it already discounted”, assessed BBH Global Currency Strategy Team.
DXY key levels
The index is now losing 0.07% at 81.70 with the immediate support at 80.86 (low Aug.8) followed by 80.50 (low Jun.19) and then 80.27 (low Feb.20). On the upside, a break above 82.50 (high Aug.2) would expose 83.12 (high Jul.15) and then 84.75 (high Jul.9).
DXY softer on scarce data
Second-tier data in the US economy showed that producer prices came in short of expectations during July, with the headline print advancing at an annual pace of 2.1% and 1.2% excluding energy and food costs, adding to the selling pressure around the buck. “Bolstered by recent US data and official comments, speculation that the Fed will begin tapering as early as a month from now has negated the impact of the positive surprises from Europe today, leaving the dollar with a firmer bias. The debate among is not so much whether the Fed tapers as is it already discounted”, assessed BBH Global Currency Strategy Team.
DXY key levels
The index is now losing 0.07% at 81.70 with the immediate support at 80.86 (low Aug.8) followed by 80.50 (low Jun.19) and then 80.27 (low Feb.20). On the upside, a break above 82.50 (high Aug.2) would expose 83.12 (high Jul.15) and then 84.75 (high Jul.9).