Skip to main content

Dollar index backs off slightly into the US opening

The dollar index (USDX) has lifted above its noted 100 day moving average now (at 104.31). The index has risen to a session high so far at 104.44. That further rise came as the EUR/USD fell to a session low at 1.0736. It is edging off that low just now, ahead of the US stock market opening shortly. The move higher in the Euro smacks of some profit-taking on long dollar positions ahead of the ISM service sector index. The move lower in the EUR/USD was also accompanied by a fall below the noted 200 day moving average in the GBP/USD. That did seem to trip stops below 1.2564, after eventually that level cracked. The low seen in the GBP/USD has so far been set at 1.2550. It does look rather like its could be a pretty one-dimensional affair in most respects this afternoon and focused around that ISM release. That looks like it will decide, if the index can press on, towards the next technical level, at 104.77, or give back a little more of the gains notched up since the Friday monthly jobs report 
 

Ready to Get Started?

Start here. Join 2.9M Libertex users around the world!