US Dollar Index

US Dollar Index

Gate Trade News Wednesday, October 9, 2019 11 2

US Dollar Index

The Greenback, when tracked by the US Dollar Index, is exchanging gains with losses around the 99.00 handle, trading within a very tight range ahead of the opening bell in Europe. US Dollar Index now focused on FOMC.

The index is looking to add to the positive start of the week, which saw the buck regain some ground lost after bottoming out near 98.60 early in the month.

The cautious tone around the Greenback is expected to remain well in place ahead of the publication of the FOMC minutes of the latest meeting, where the Fed cut the FFTR by another 25 bps.

At the moment, the pair is losing 0.01% at 99.12 and faces the next support at 98.76 (21-day SMA) seconded by 98.34 (55-day SMA) and finally 97.86 (monthly low Sep.13). On the upside, a breakout of 99.67 (2019 high Oct.1) would aim for 99.89 (monthly high May 11 2017) and then 100.00 (psychological handle).