- USDOLLAR Searching for Support on Dismal NFP- 2014 Range at Risk
- British Pound Higher Low in Place Ahead of BoE Inflation Report?
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DJ-FXCM Dollar Index
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Consumer Credit (DEC)
The Dow Jones-FXCM U.S. Dollar Index (Ticker: USDollar) slipped to a fresh monthly low of 10,630 following the dismal Non-Farm Payrolls (NFP) report, and the greenback may ultimately threaten the 2014 range as it searches for support.
Indeed, there's growing speculation that the Fed may take a less aggressive approach in normalizing monetary policy amid the ongoing slack in the labor market, and the dollar may face further headwinds in the week ahead should we see a growing number of Fed officials scale back their willingness to taper the asset-purchase program at the
With Fed Chairwoman
With that said, the near-term correction in the USDOLLAR may ultimately generate a higher low as the Fed looks to halt Quantitative Easing later this year, but the fiscal outlook may undermine the bullish sentiment surrounding the reserve currency should U.S. policy makers struggle to meet on common ground.
Three of the four components advanced against the greenback, led by a 0.44 percent rally in the British Pound, and the GBPUSD looks poised for a higher high following the constant closes above the 1.6300 handle.
In turn, it looks as though we have carved a higher low during the first full-week of February, and sterling may coil up for a more meaningful move at the 1.6700 handle as the Bank of
The BoE's quarterly inflation report highlights the biggest event risk for the Pound next week as market participants see Governor