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6 May 2013
Forex: US Dollar Index retreats from highs
FXstreet.com (Barcelona) - The US Dollar index, which tracks the greenback against its major competitors, is consolidating gains well above the 82.00 mark on Monday, albeit now giving away some profits after hitting intraday highs around 82.50, in a context tilted towards the risk-off trade.
“Consolidation will likely be the theme for the day, and for good reason: traders need a breather after last week set forth a Fed policy meeting on Wednesday, an ECB policy meeting on Thursday, and the April US labour market report on Friday”, explained Christopher Vecchio, Currency Analyst at DailyFX.
At the moment, the index is up 0.09% at 82.35, and according to tradincentral.com the next hurdle lies at 82.45 and 82.60; support levels align at 81.90, 81.60 and 81.30.
“Consolidation will likely be the theme for the day, and for good reason: traders need a breather after last week set forth a Fed policy meeting on Wednesday, an ECB policy meeting on Thursday, and the April US labour market report on Friday”, explained Christopher Vecchio, Currency Analyst at DailyFX.
At the moment, the index is up 0.09% at 82.35, and according to tradincentral.com the next hurdle lies at 82.45 and 82.60; support levels align at 81.90, 81.60 and 81.30.