USD fails to recover after Friday’s decline

The US dollar is about to end Monday around Friday’s closing price. The Greenback was unaffected by the US Consumer and Spending report as traders focus on next numbers and events. 

The greenback started the week recovering after Friday’s sell-off that followed the FBI story on Hillary Clinton’s emails. But after the beginning of the American session changed its intraday trend and reversed erasing gains, on a quiet session. 

The US Dollar index, which gauges the US dollar against its main competitors, is up just 0.07%, hovering around 98.30/35. Earlier it peaked at 98.62 but then moved close to Friday’s lows located at 98.17. 

Volatility in the currency market could start rising on Tuesday considering that during the Asian session the Bank of Japan and the Reserve Bank of Australia will announce their decision on monetary policy. Chinese activity data will be released and in the US the ISM report. Also, the FOMC 2-day meeting will start. Traders are likely to keep also an eye on polls, 8 days ahead of the US election. 

DXY Technical levels 

To the upside, resistance levels might lie at 98.65 (Oct 31 high), 99.00/05 (Oct 5 high), followed by 99.30/35 (Jan 12, 13 & 14 high). On the downside, support might lie at 98.20/25 (Oct 21, 26 & 31 low) and 98.10 (Oct 13, 14 & 17 high).

 

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