The index moves higher near 96.70, daily highs. US 10-year yields recede from tops above 2.45%. US Housing Starts, Building Permits came in below estimates. The greenback has reversed the initial pessimism and is now trading in daily highs beyond 96.70 when measured by the US Dollar Index (DXY). US Dollar Index bid despite poor data The index has quickly picked up pace and managed to clinch tops in the 96.70/75 band in spite of poor results from the US housing sector and mainly following the selling pressure in EUR. In fact, Housing Starts contracted to 1.162M units during February, or 8.7%, while Building Permits shrunk to 1.296M units in the same period, or 1.6%. In the same line, house prices measured by the S&P/Case-Shiller Index rose at a non-seasonally-adjusted 3.6% on a year to January, missing consensus. Looking ahead, the Conference Board will publish its Consumer Confidence gauge for the current month ahead of the weekly report on US crude oil supplies by the American Petroleum Institute. What to look for around USD The greenback stays under the microscope for the time being while market participants continue to adjust to the prospects of no hikes from the Fed this year and just one rate raise in 2020. Further attention falls on the inversion of the US yield curve, which is seen as a prologue for a probable recession in a year’s time-ish. On the supportive side, the buck could gather some traction in case of souring risk appetite and widening rate differentials vs. its peers. From the political view, the debt ceiling, the border-wall funding and upcoming elections next year carry the potential to spark bouts of extra volatility around USD. US Dollar Index relevant levels At the moment, the pair is gaining 0.17% at 96.68 and a breakout of 96.81 (high Mar.22) would expose 97.37 (high Feb.15) and finally 97.71 (2019 high Mar.7). On the other hand, the immediate support lines up at 95.74 (low Mar.20) followed by 95.16 (low Jan.31) and then 95.03 (2019 low Jan.10). 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 Citibank: USD weakness to be primary implication of Fed pausing FX Street 4 years The index moves higher near 96.70, daily highs. US 10-year yields recede from tops above 2.45%. US Housing Starts, Building Permits came in below estimates. The greenback has reversed the initial pessimism and is now trading in daily highs beyond 96.70 when measured by the US Dollar Index (DXY). US Dollar Index bid despite poor data The index has quickly picked up pace and managed to clinch tops in the 96.70/75 band in spite of poor results from the US housing sector and mainly following the selling pressure in EUR. In fact, Housing Starts contracted to 1.162M units during February,… Regulated 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.
