The correction lower in DXY gathers pace around 96.50. Yields of US 10-year note met support in sub-2.64% area. USD/CAD sheds a round a big figure on upbeat docket. The US Dollar Index (DXY), which gauges the greenback vs. a basket of its main rivals, is now fading the recent uptick to the key 96.70 area and is returning to the 96.50/45 band. US Dollar hit by data, risk After climbing and re-visiting the 96.70 region during early trade, or 3-week tops, sellers have returned to the markets and are now sponsoring the knee-jerk in the index. The offered mood in the buck is also sustained by a sudden drop in USD/CAD in response to auspicious results from the Canadian docket, where the labour market came up with stellar figures as well as higher-than-expected results from Housing Starts. On another direction, trade jitters are expected to come back as a market driver after President Trump has ruled out a meeting with China’s Xi Jinping before the 90-day truce deadline on March 1. Also fanning the (trade) flames, the Trump administration has warned of a potential US sanctions on the EU autos sector. What to look for around USD Negative developments overseas vs. decent data releases in the US docket have been sustaining the constructive sentiment in the buck for the past sessions and have somewhat relegated concerns over a more ‘flexible’ Fed to the backseat for the time being. Additionally, the greenback is expected to shift its focus back to the trade front as a key driver for the price action, with the ongoing US-China dispute taking centre stage along with a potential new US-EU front. US Dollar Index relevant levels At the moment, the pair is down 0.04% at 96.53 facing immediate contention at 96.42 (55-day SMA) followed by 96.22 (38.2% Fibo of the September-December up move) and finally 96.02 (21-day SMA). On the flip side, a breakout of 96.68 (high Jan.24) would target 96.79 (23.6% Fibo of the September-December up move) en route to 96.96 (2019 high Jan.2). 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 Bitcoin price climbing out of the darkness of the ‘crypt’ FX Street 4 years The correction lower in DXY gathers pace around 96.50. Yields of US 10-year note met support in sub-2.64% area. USD/CAD sheds a round a big figure on upbeat docket. The US Dollar Index (DXY), which gauges the greenback vs. a basket of its main rivals, is now fading the recent uptick to the key 96.70 area and is returning to the 96.50/45 band. US Dollar hit by data, risk After climbing and re-visiting the 96.70 region during early trade, or 3-week tops, sellers have returned to the markets and are now sponsoring the knee-jerk in the index. The offered mood… 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.
