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9 Apr 2013
Forex: US Dollar Index in session lows
FXstreet.com (Barcelona) - The increasing risk appetite continues to punish the greenback, giving away part of the recent gains and trading now around session lows in the proximities of 82.40/45.
“Now, after the weak March labour market reading on Friday, the US Dollar is on softer ground, and with the 2s10s Treasury yield spread remaining compressed, markets may be signalling that the 2Q’13 may be a period of softer growth for the world’s largest economy. We could credit the slowdown in growth to the combined ripples of the fiscal cliff and the budget sequestration: higher taxes and lower government spending, both of which on their own have a negative impact on headline GDP”, assessed Christopher Vecchio, Currency Analyst at DailyFX.
At the moment the index is down 0.53% at 82.43 and according to tradingcentral.com, the immediate support lies at 82.30 and 82.15. Resistance levels line up at 82.80, 82.95 and 83.15.
“Now, after the weak March labour market reading on Friday, the US Dollar is on softer ground, and with the 2s10s Treasury yield spread remaining compressed, markets may be signalling that the 2Q’13 may be a period of softer growth for the world’s largest economy. We could credit the slowdown in growth to the combined ripples of the fiscal cliff and the budget sequestration: higher taxes and lower government spending, both of which on their own have a negative impact on headline GDP”, assessed Christopher Vecchio, Currency Analyst at DailyFX.
At the moment the index is down 0.53% at 82.43 and according to tradingcentral.com, the immediate support lies at 82.30 and 82.15. Resistance levels line up at 82.80, 82.95 and 83.15.