Home EUR/USD downed by Dudley – approaching support
Forex News Today: Daily Trading News

EUR/USD downed by Dudley – approaching support

New York Fed President Bill Dudley is No. 3 at the Fed and used to be known as a dove. And when a dove turns hawkish, the dollar rises.

Dudley is very optimistic and confident about the US economy. He sees the Fed’s mandates of employment and inflation to be “in a good place”. Growth is well-distributed and the US is getting close to full employment.

What about wages? These are consistent with productivity growth says. In this case, everything looks good and there is nothing to worry about. And, wage rises will quicken later down the road.

Dudley’s words follow the Fed’s hawkish hike. He basically echoes Yellen.

USD strengthens

In a week with few economic indicators, Fed speakers have the upper hand. The US dollar is gaining ground across the board.

For EUR/USD, the result is a new fall to the 1.116 handle. The pair had already traded above 1.12 but failed to hold its ground. Will it lose 1.1160 as well? Further support awaits at 1.11 and 1.1025. High resistance is at 1.1220.

More:  USD Index: After A Bounce, A Deeper Wave ‘C’ Could Extend This Summer – BofAML

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.