DXY keeps the rangebound theme unchanged near 98.30. Trump said on Tuesday that a US-China trade deal is ‘close’. US CPI, Powell’s testimony before Congress next of relevance. The greenback, when tracked by the US Dollar Index (DXY), keeps navigating the upper end of the recent range around the 98.30 region. US Dollar Index focused on data, trade, Fed The index is alternating gains with losses so far this week, managing to keep the trade near recent tops at 98.40 although it seems bulls still need a stronger catalyst to impose their will. News from the trade front noted President Trump hinted at the likeliness that the US and China could clinch a trade agreement soon at his speech at the Economic Club of New York on Tuesday. Trump, however, made no mention of lifting tariffs or the timing of a potential meeting with his Chinese peer Xi Jinping. Moving forward, inflation figures for the month of October will be the salient release later in the NA session ahead of Chief Powell’s testimony before the Joint Economic Committee of the Congress. In addition, Minneapolis Fed N.Kashkari (2020 voter, dovish) will speak in Wisconsin. What to look for around USD The index has managed well to reverse some selling pressure in past sessions and it remains so far sidelined near weekly tops around the 98.40 region. In the meantime, headlines from the US-China trade war should remain ruling the global sentiment, while the attention has now shifted to Powell’s testimony before Congress and key inflation data out later today. On the broader view, the outlook on the greenback appears constructive on the back of the Fed’s renewed ‘wait-and-see’ mode vs. the dovish stance from its G10 peers, the dollar’s safe haven appeal and the status of ‘global reserve currency’. US Dollar Index relevant levels At the moment, the pair is gaining 0.01% at 98.33 and a break above 98.42 (monthly high Nov.12) would open the door to 99.25 (high Oct.8) and then 99.67 (2019 high Oct.1). On the flip side, immediate contention emerges at 97.97 (100-day SMA) seconded by 97.53 (200-day SMA) and finally 97.11 (monthly low Nov.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 RBNZ surprised the market – TDS FX Street 3 years DXY keeps the rangebound theme unchanged near 98.30. Trump said on Tuesday that a US-China trade deal is 'close'. US CPI, Powell's testimony before Congress next of relevance. The greenback, when tracked by the US Dollar Index (DXY), keeps navigating the upper end of the recent range around the 98.30 region. US Dollar Index focused on data, trade, Fed The index is alternating gains with losses so far this week, managing to keep the trade near recent tops at 98.40 although it seems bulls still need a stronger catalyst to impose their will. News from the trade front noted President… 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.
