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US Dollar (DXY) Touching a Two-Month High

US Dollar (DXY) Touching a Two-Month High

Nick Cawley, Strategist

US Dollar (DXY) News and Price:

  • US dollar remains strong due to a strong economic backdrop.
  • Fed speakers and the Beige Book may push the greenback even further.

We have just released our Brand New Q4 Trading Forecasts including USD and EUR.

US Dollar (DXY) Pressing Higher

The US dollar remains a buy on dips market and is now touching levels last seen two months ago as US monetary policy continues to tighten. The Federal Reserve is expected to raise interest rates by another 0.25% in December, the fourth increase this year, and the market is currently pricing in another 3 rate hikes for next year.

Ahead this week, a handful of Fed speakers give their latest views on the economy along with the release of the Federal Reserve’s Beige Book on Wednesday. On Tuesday, the Fed’s Kashkari, Bostic and Kaplan speak at various events, while on Wednesday, the Fed’s Bostic, Mester and Brainard opine. These Fed speakers, and the Beige Book, are likely to emphasize the current strength of the US economy, boosting the greenback further.

The US dollar basket (DXY) is currently just off levels last seen in mid-August and below the 50% Fibonacci retracement level at 95.87. This guards the recent 16-month high of 96.60, made on August 15, while the downside is protected by all three moving-averages.

US Dollar Basket (DXY) Daily Price Chart (December 2017 – October 23, 2018)

US Dollar (DXY) Touching a Two-Month High

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on the US Dollar – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

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