FX:Forex: US Dollar Index up ahead of Bernanke’s speech
FXstreet.com (Barcelona) - The US Dollar Index, which tracks the world’s reserve against a basket of rival currencies, is retreating from the previous high at 80.44 to the 80.20 region as of writing, as risk is gaining some traction ahead of Chief B.Bernanke’s speech later on in the European evening.
The greenback is posting its third consecutive week in the positive territory helped by US stronger fundamentals and late comments ruling out another round of quantitative easing in the near term. Risk aversion has intensified yesterday after the FOMC statement and it is expected to come under pressure again today with Bernanke’s speech.
At the moment: AUD -0.45%, EUR +0.06%, GBP +0.18%, NZD -1.01%, CAD +0.26%, CHF +0.17% and JPY +0.68%. Wall St. futures are advancing 0.19% at 13,199 pts and S&P500 is up 0.18% at 1,398 pts. WTI is down 0.23 % at $106.60
The index is gaining 0.09% at 80.20 at the moment, facing the first resistance at 80.42 followed by 80.70 and the 81.07
On the downside, supports are lying at 79.77 ahead of 79.40 and 79.11
