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US Dollar (DXY) Price Latest: Giving Back Short-Term Gains

US Dollar (DXY) Price Latest: Giving Back Short-Term Gains

2019-04-12 09:26:00
Nick Cawley, Analyst
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US Dollar Price Analysis and Chart:

  • US dollar turning lower despite Thursday’s positive Fed speak.
  • US bank earnings now come into focus.

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Federal Reserve vice chair Richard Clarida gave the US dollar a boost Thursday, highlighting that the current US economic expansion will almost certainly become ‘the longest on record’ allaying fears of a slowdown going into the end of 2019. He added that with inflation ‘muted’ the current pause in monetary policy is warranted with the central adopting a patient stance as it waits for further data. The Fed also received good news with the latest US jobless claims release hitting a 49-year low.

The US dollar now seems to have brushed aside this positive commentary and is looking ahead to the start of the US bank earnings season, with JP Morgan and Wells Fargo the first cabs off the rank today. There are concerns that a poor set of quarterly banking results may highlight areas of weakness in the US economy, while guidance for the next quarter will also need to be closely watched. The only economic release of note this afternoon is the Univ of Michigan Sentiment report for April with the headline figure expected a fraction lower at 98.3 from a prior reading of 98.4.

DailyFX Economic Calendar.

The US dollar basket is nearing support around the 96.30 level ahead of the 50% Fibonacci retracement level at 95.87, a level that guards the 200-day moving average at 95.68. Three higher-lows at 95.15, 94.60 and 94.49 then come into play if any sell-off becomes entrenched.

USD Daily Price Chart (June 2018 – April 12, 2019)

US Dollar (DXY) Price Latest: Giving Back Short-Term Gains

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.

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