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USD index (USDX) takes advantage of Yen weakness and lack of EUR/USD traction

Yesterday the dollar index (USDX) maintained a positive bias into the US close. The earlier nudge above 1.09 in the EUR/USD did not last long, as was noted and expected here at the time. So, as the EUR/USD fell back into the US close (it has not recovered yet today either), that allowed the USD index to end the session on the front foot. The index closed in the US last night at 103.58. It has advanced further today and naturally the rise above 150 in the USD/JPY has assisted that advance. However, the lack of traction for other leading currencies within the index has helped it too. So, the USD index has now lifted closer to the 104 handle this morning, reaching a high so far at 103.82. Naturally, the Fed monetary policy decision tomorrow evening is now front and centre for the index over the coming two days. What happens there at 6pm tomorrow evening will decide if this current recovery is sustained or not. 

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