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USD Graphic Rewind: Dollar Index Set to Climb Today Ahead of Treasury Auction

USD Graphic Rewind: Dollar Index Set to Climb Today Ahead of Treasury Auction

2011-02-10 06:58:00
Jonathan Granby,
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USD_Graphic_Rewind_body_dxy2.png, USD Graphic Rewind: Dollar Index Set to Climb Today Ahead of Treasury Auction

The dollar index slipped back for a second day Wednesday despite weaker global equities which should have lifted the buck a tad. However, the euro continued to press higher throughout most of the day and kept the dollar under the cosh despite most other currencies pausing and consolidating recent moves. The buck got a mild boost around midday from the closely watched Fed Chair Bernanke speech who made upbeat comments about the US economy. Over-night trade has been more favourable to the dollar with corporate buyers out of Japan lifting the dollar versus the yen. Weaker stocks across most of the region are giving the dollar some support too as losses spur demand for safety.

Dollar traders today are likely to focus on Atlanta Fed President Dennis Lockhart’s comments at a panel discussion at 17:00GMT, as well as an auction of $16 billion 30-year Treasury bonds later in the day. Players will pay particular attention to Lockhart’s comments to see if he provides fresh signals about the outlook for the Fed’s quantative easing program.

Written by Jonathan Granby, DailyFX Research Team

IF you wish to contact the author with comments or questions email instructor@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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