US dollar: forecast for November 13-17

Last week the US dollar index (DXY) declined from 95.00 to 94.30. Investors were disappointed that an important US tax bill might be delayed until 2019 instead of being implemented in 2018. The problem is that the House of Representatives and the Senate have different ideas of what this legislation should look like. Treasury yields declined on the news and so did the USD.

In the coming days, there will be more political and economic news. We are looking forward to new headlines about the tax reform. The USD needs progress here in order to retain support. America will also release PPI on Tuesday, CPI and retail sales and Empire State manufacturing index on Wednesday, unemployment claims, import prices and industrial production on Thursday and building permits and housing starts on Friday. In addition, we’ll hear from the US central bank a lot: FOMC member Harker and the Fed Chair Yellen speak on Monday, Evans on Wednesday and Kaplan and Brainard on Thursday. Insights about the Fed’s plans will drive the greenback as well.

Given all this, the odds are that the USD will have a better week than the last time. The overall outlook for DXY will remain bullish as long as it’s trading above support at 94.00. Resistance lies at 95.00. Advance above this level will open the way up to 96.00.

usd

Similar

Popular

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera