US Dollar Index within a tight range near 96.20 ahead of FOMC
|- The index stays sidelined around the 96.20 area.
- Yields of the US 10-year note climb to the 3.23% area.
- FOMC meeting will be the salient event later today.
The greenback, in terms of the US Dollar Index (DXY), is alternating gains with losses in the second half of the week and is now gyrating around the 96.20 zone.
US Dollar looks to trade, FOMC
The index is adding to yesterday’s gains and is looking to extend the rebound after testing fresh weekly lows in the 95.70/65 band on Wednesday.
The greenback keeps the rangebound trade so far today following the same performance in yields of the US 10-year note, which managed to recover the upper end of the range above the 3.20% barrier, all after bottoming out near 2.95% in the wake of the results from the US mid-term elections.
in the meantime, the greenback keeps looking to the US-China trade effervescence for direction as well as the negotiations around Brexit and their impact on the risk-associated universe.
Later in the NA session, the usual weekly Initial Claims are due ahead of the FOMC meeting, where the Committee is expected to leave unchanged its monetary policy.
US Dollar Index relevant levels
As of writing the index is gaining 0.03% at 96.24 and a breakout of 96.49 (10-day SMA) would open the door to 96.68 (high Nov.5) and then 97.19 (2018 high Oct.31). On the flip side, the next support emerges at 95.68 (low Nov.7) followed by 95.47 (low Oct.20) and finally 95.39 (55-day SMA).
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