Created
: 2024.09.20
2024.09.20 18:39
Amid much intra-day volatility, the Dollar Index (DXY) is down around 0.5% on the week. That's not much, but DXY is now just a whisker away from the lowest levels in two years, ING's FX strategist Chris Turner notes.
"It seems obvious now that US labour market data will be the key macro driver of the USD story into year-end. That's why the USD saw a decent intra-day bounce yesterday on the lower-than-expected weekly initial jobless claims data. The USD is also moving in line with the US yield curve."
"But the big question for the market right now is whether the USD is ready to break out of its two-year range. We think it may well do because of some of the factors outlined above, but the timing remains uncertain."
"There seems nothing on the agenda today to justify a breakout, but suffice to say we are in the camp looking for some strong follow-through selling should DXY support levels at 99.50/100 give way."
Created
: 2024.09.20
Last updated
: 2024.09.20
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
Disclaimer:
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.
Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy