DXY recedes from earlier tops in the 93.60 region. The FOMC kept rates on hold as expected on Wednesday. US Initial Claims, Philly Fed index, housing data next of note in the docket. The greenback, when tracked by the US Dollar Index (DXY), has regained momentum above the 93.00 mark on Thursday. US Dollar Index boosted by Fed, now looks to data The index managed to climb as high as the 93.60 region earlier on Thursday, leaving behind two consecutive sessions with inconclusive price action. In fact, the dollar regained buying interest after the Federal Reserve matched the broad consensus and left its monetary conditions unchanged at its meeting on Wednesday. The Committee, however, gave a quite upbeat assessment of the US economic recovery, although it expects rates to remain at current levels through at least 2023. The Fed now sees the economy contracting 3.7% this year and returning to pre-pandemic levels at some point by the end of the next year. Furthermore, employment is seen around 4% and inflation is also predicted to reach the 2% target, both by end of 2023. In the US data space, the focus of attention will be as usual on the performance of weekly Claims seconded by the Philly Fed index, Housing Starts and Building Permits. What to look for around USD The dollar regained the smile following the FOMC event on Wednesday and reached the 93.60 level earlier on Thursday, where some relevant barrier appears to have emerged. The current recovery in DXY, however, is still considered as corrective only amidst the broad bearish stance surrounding the dollar, the “lower for longer” stance from the Federal Reserve, the unremitting advance of the coronavirus pandemic and political uncertainty ahead of the November elections. US Dollar Index relevant levels At the moment, the index is gaining 0.25% at 93.34 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 Cryptocurrency Market Update: DigiByte, Flexacoin and Synthetix Rally in tandem with Bitcoin FX Street 2 years DXY recedes from earlier tops in the 93.60 region. The FOMC kept rates on hold as expected on Wednesday. US Initial Claims, Philly Fed index, housing data next of note in the docket. The greenback, when tracked by the US Dollar Index (DXY), has regained momentum above the 93.00 mark on Thursday. US Dollar Index boosted by Fed, now looks to data The index managed to climb as high as the 93.60 region earlier on Thursday, leaving behind two consecutive sessions with inconclusive price action. In fact, the dollar regained buying interest after the Federal Reserve matched the broad consensus… 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.