1 Jul 2013
US Dollar Index finds support at 83.20
Fxstreet.com (Edinburgh) - The US Dollar index, which gauges the greenback against its major competitors is extending its bounce from session lows around 83.20 to the current region of 83.30 on Monday.
“As the US economy pulls ahead of Europe and Japan, and the Fed changes course, the dollar is at the start of a multi-year rally. Tamer than those seen in the 1990s, given slower growth and a less dramatic rate cycle, the DXY trade-weighted index can nevertheless rise by 10-15% over the medium/longer term”, assessed Analyst Kit Juckes at Societe Generale.
At the moment the index is up 0.13% at 83.20 with the next resistance at 83.35, 83.65 and 84.00 while the next support lies at 82.75, 82.50 and 82.15.
“As the US economy pulls ahead of Europe and Japan, and the Fed changes course, the dollar is at the start of a multi-year rally. Tamer than those seen in the 1990s, given slower growth and a less dramatic rate cycle, the DXY trade-weighted index can nevertheless rise by 10-15% over the medium/longer term”, assessed Analyst Kit Juckes at Societe Generale.
At the moment the index is up 0.13% at 83.20 with the next resistance at 83.35, 83.65 and 84.00 while the next support lies at 82.75, 82.50 and 82.15.