US Dollar eases off session highs, awaiting Fed's Beige Book
|The US Dollar Index, which tracks the greenback against a basket of six trade-weighted peers, seems to have lost some upside momentum around 99.80 despite Fed's Rosengren's statements. As of writing, the index was at 99.70, still up 0.3% on the day.
Boston Fed President Rosengren (non-voter, hawkish), said he supports a very gradual approach that begins relatively soon. Rosengren supports three more rate hikes this year, which is one more than the median Fed forecast and two more than markets predict, as reported by Reuters.
Rosengren is a known hawk and the fact that he is a non-voter may have allowed investors to ignore his comments. Additionally, the recent upsurge seen in the U.S. Treasury bond yields has come to a pause in the last hour, capping the gains of the DXY. After rising to 2.225%, the 10-year bond yield eased back to 2.21%, but it still up 1.62% on the day.
Technical outlook
The index could face the initial hurdle at 100 (psychological level) ahead of 100.50 (Apr. 13 high) and 101.20 (Apr. 7 high). On the flip side, 99.35 (yesterday's low) could be seen as the first technical support before 99 (psychological level) and 98.65 (Mar. 27 low).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.