- DXY stays choppy in the mid-94.00s.
- US 10-year yields firm above 2.41%.
- Yellen, other central bankers on sight.
The greenback, in terms of the US Dollar Index (DXY), is extending its erratic fashion during the first half of the week and is now hovering over the 94.50/45 band.
US Dollar focused on yields, Yellen
The greenback keeps attempting a consolidative theme in the lower end of the recent range after being rejected from tops just above 95.00 the figure in past sessions.
DXY still remains sceptic despite the rebound in yields of the US-10 year reference to highs above the 2.41% area, challenging at the same time 3-week tops.
Adding to the uncertain scenario surrounding the buck, the US tax reform sponsored by the White Hose appears in the middle of the nowhere so far, sparking further scepticism among investors.
In addition, Chicago Fed C.Evans said earlier in the session that the Federal Reserve needs to clinch the inflation target in order to allow new policies to succeed.
Event-wise today, Chairwoman J.Yellen will speak at a policy panel organised by the ECB, while St. Louis Fed J.Bullard (2019 voter, centrist) and Atlanta Fed R.Bostic (2018 voter, centrist) are also due to speak later in the NA session.
In the US data space, October producer prices are only due for release.
US Dollar relevant levels
As of writing the index is losing 0.03% at 94.48 and a breakdown of 94.31 (21-day sma) would target 94.26 (low Nov.10) and finally 94.03 (23.6% Fibo of the 2017 drop). On the upside, the immediate resistance aligns at 95.15 (high Nov.7) seconded by 95.90 (38.2% Fibo of the 2017 drop) and then 96.55 (200-day sma).
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD tumbles toward 0.6350 as Middle East war fears mount
AUD/USD has come under intense selling pressure and slides toward 0.6350, as risk-aversion intensifies following the news that Israel retaliated with missile strikes on a site in Iran. Fears of the Israel-Iran strife translating into a wider regional conflict are weighing on the higher-yielding Aussie Dollar.
USD/JPY breaches 154.00 as sell-off intensifies on Israel-Iran escalation
USD/JPY is trading below 154.00 after falling hard on confirmation of reports of an Israeli missile strike on Iran, implying that an open conflict is underway and could only spread into a wider Middle East war. Safe-haven Japanese Yen jumped, helped by BoJ Governor Ueda's comments.
Gold price jumps above $2,400 as MidEast escalation sparks flight to safety
Gold price has caught a fresh bid wave, jumping beyond $2,400 after Israel's retaliatory strikes on Iran sparked a global flight to safety mode and rushed flows into the ultimate safe-haven Gold. Risk assets are taking a big hit, as risk-aversion creeps into Asian trading on Friday.
WTI surges to $85.00 amid Israel-Iran tensions
Western Texas Intermediate, the US crude oil benchmark, is trading around $85.00 on Friday. The black gold gains traction on the day amid the escalating tension between Israel and Iran after a US official confirmed that Israeli missiles had hit a site in Iran.
Dogwifhat price pumps 5% ahead of possible Coinbase effect
Dogwifhat price recorded an uptick on Thursday, going as far as to outperform its peers in the meme coins space. Second only to Bonk Inu, WIF token’s show of strength was not just influenced by Bitcoin price reclaiming above $63,000.