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US Dollar Index
Fri, Jul 3 2009, 12:45 GMT
by Anna Coulling
The US Dollar Index was one of the principal beneficiaries of the lacklustre reaction to the NFP data yesterday ending the day on a wide spread up bar which closed above both the 9 and 14 day moving averages once again. Sadly the reaction was insufficient to take the Index back above the psychologically important resistance in place just below 81 so it is far too early to suggest that this can be considered a reversal in the fortunes of the US Dollar in the medium term, and in the cold light of day has simply added a further bar to the sideways consolidation at this price level. Today is unlikely to provide anything in the way of a measured reaction to yesterday's news as the US markets are closed for Independence Day, and therefore we need to wait until early next week for further fundamental news on the economic calendar, either to establish a firm trend or simply to continue in the current sideways movement. It is interesting to note from yesterday's price action that the high of the day failed to penetrate the 40 day moving average which seems to be adding to the general downwards slide at present.
Published on Fri, Jul 3 2009, 12:46 GMT
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