DXY starts the week on a positive footing near the 93.30 region. Chicago Fed index, Fedspeak coming up next in the docket. Markets’ focus will be on Chief Powell’s testimonies later this week. The US Dollar Index (DXY), which gauges the buck vs. a bundle of its main competitors, has reversed the initial pessimism and it now climbs to daily highs in the 93.30 region. US Dollar Index looks to Powell, risk trends The index is adding to Friday’s gains beyond 93.00 the figure, as market participants seem to favour the safe haven universe amidst the prevailing risk aversion mood at the beginning of the week. Indeed, the selling sentiment among the riskier assets is sustaining the continuation of the recovery in the buck, which has the initial target at last week’s peaks in the 93.55/60 band (September 17). Later in the day, the Chicago Fed National Activity Index will be the sole release seconded by the speech by FOMC’s L.Brainard (permanent voter, dovish). Moving forward, investors’ focus are expected to gyrate around the testimonies by Fed’s Powell on Tuesday, Wednesday and Thursday. What to look for around USD The dollar keeps the composure at the beginning of the week and looks to stabilize above the 93.00 yardstick. Occasional bullish attempts in DXY are seen as temporary, however, as the broad-based sentiment towards the greenback remains bearish. This view is reinforced by the “lower for longer” stance from the Federal Reserve, the unremitting advance of the coronavirus pandemic, the negative position in the speculative community and political uncertainty ahead of the November elections. US Dollar Index relevant levels At the moment, the index is gaining 0.30% at 93.28 and a break above 93.66 (monthly high Sep.9) would open the door to 93.99 (monthly high Aug.3) and finally 94.20 (38.2% Fibo of the 2017-2018 drop). On the other hand, the next support emerges at 92.70 (weekly low Sep.10) seconded by 91.92 (23.6% Fibo of the 2017-2018 drop) and then 91.75 (2020 low Sep.1). FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next S&P 500 Index needs further fiscal support to avoid a correction FX Street 1 year DXY starts the week on a positive footing near the 93.30 region. Chicago Fed index, Fedspeak coming up next in the docket. Markets’ focus will be on Chief Powell’s testimonies later this week. The US Dollar Index (DXY), which gauges the buck vs. a bundle of its main competitors, has reversed the initial pessimism and it now climbs to daily highs in the 93.30 region. US Dollar Index looks to Powell, risk trends The index is adding to Friday’s gains beyond 93.00 the figure, as market participants seem to favour the safe haven universe amidst the prevailing risk aversion mood… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
