7 Jun 2013
US Dollar Index bounces off 81.00
FXstreet.com (Barcelona) - US jobs data above expectations gave some oxygen to the beleaguered greenback on Friday, advancing for the first time in the week after bouncing off multi-week lows.
“The fact that the market is already long dollar positioning is a prime reason why EUR/USD has been so well supported recently despite weak Eurozone data and intermittent talk that the ECB could take further easing measures in the months ahead because investors can’t or won’t lengthen even further. This positioning implies that the USD is likely to be more sensitive to poor US news than to good”, noted Jane Foley, Strategist at Rabobank.
As of writing, the index is up 0.15% at 81.65 with the next resistance levels at 82.10, 82.50 and 83.00 while support levels are located at 81.05, 80.65 and 80.20.
“The fact that the market is already long dollar positioning is a prime reason why EUR/USD has been so well supported recently despite weak Eurozone data and intermittent talk that the ECB could take further easing measures in the months ahead because investors can’t or won’t lengthen even further. This positioning implies that the USD is likely to be more sensitive to poor US news than to good”, noted Jane Foley, Strategist at Rabobank.
As of writing, the index is up 0.15% at 81.65 with the next resistance levels at 82.10, 82.50 and 83.00 while support levels are located at 81.05, 80.65 and 80.20.