The index stays bid in the mid-97.00s on Wednesday. US New Home Sales contracted 8.9% in October. All eyes on Fed’s Chief Jerome Powell later in the day. The greenback keeps daily gains and the consolidative mood unchanged so far today around the 97.50 region when tracked by the US Dollar Index (DXY) following US releases and ahead of Powell’s speech. US Dollar Index now looks to Powell The index keeps its weekly march north unabated and is looking to consolidate the recent break above the critical barrier at 97.00 the figure, at the same time paving the way for a potential test of YTD highs near 97.70 (November 12). DXY stays bid despite advanced Q3 GDP figures left no room for surprises today, while October’s New Home Sales contracted 8.9% MoM, or to 544K units, missing forecasts. In the meantime, the mood around the buck should be determined by developments in Europe (Italian politics, Brexit) and the US-China trade spat. Moving forward, Chief J.Powell is due to speak at the Economic Club in New York, with attention on the future moves of the Federal Reserve. US Dollar Index relevant levels As of writing the index is gaining 0.13% at 97.49 facing the next hurdle at 97.54 (high Nov.27) seconded by 97.69 (2018 high Nov.12) and then 97.87 (61.8% Fibo retracement of the 2017-2018 drop). On the flip side, a break below 96.78 (21-day SMA) would open the door to 96.32 (low Nov.22) and finally 96.04 (low Nov.20). 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 Italian PM Conte: Government still assessing possible new deficit target FX Street 4 years The index stays bid in the mid-97.00s on Wednesday. US New Home Sales contracted 8.9% in October. All eyes on Fed's Chief Jerome Powell later in the day. The greenback keeps daily gains and the consolidative mood unchanged so far today around the 97.50 region when tracked by the US Dollar Index (DXY) following US releases and ahead of Powell's speech. US Dollar Index now looks to Powell The index keeps its weekly march north unabated and is looking to consolidate the recent break above the critical barrier at 97.00 the figure, at the same time paving the way for… 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.
