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Currencies

Dovish Tone From Fed Should Give the USD Trouble in Extending its Recovery

Posted 01/10/2019 8:52AM CT | Tony Cholly

The USD has found some support after going down and testing the 12 week low, but it will take much higher trade to repair the damage done to the chart this year. The recent dovishness from the Fed could be underscored by the December FOMC meeting minutes which noted that many officials felt that the Fed could be patient on further rate hikes and that the timing of further rate hikes is unclear.  The economic slate for the US remains bleak with only jobless claims numbers to digest this morning, so the USD will continue to decide on a direction based on another busy day of Fed speakers.  The next area of resistance comes in at 9115 and 9575, while first support hits today at 9430 and 9400.

U.S. Dollar Index Mar ’19 Daily Chart

U.S. Dollar Index Mar '19 Daily Chart

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Tony Cholly

Senior Market Strategist
Tony majored in Economics at Eastern Illinois University. He performed his thesis on the market price of corn in the market and the factors that affect it. Tony was drawn to futures trading because of the opportunity to have financial gains in an economic environment. He prides himself on working with customers one-on-one and developing a trading strategy based on the client's needs and wants.
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