US Dollar trims gains near 98.20, waits for Fed
By FXStreet FXStreet (Edinburgh) – The greenback, in terms of the US Dollar Index, remains in a tight range today around the 98.20 area ahead of the FOMC meeting due later.
US Dollar looks to the Fed for direction
The greenback is taking centre stage today, as the Federal Reserve is expected to hike rates at its meeting later in the European evening. While market bets for a 50 bp lift-off today remain firm above 80%, investors will also pay close attention to the dots plot and the subsequent press conference by Chairwoman J.Yellen.
Data wise in the US economy, November’s Housing Starts and Building Permits have surpassed expectations, whereas Industrial Production and Capacity Utilization have disappointed prior estimates during the same period.
US Dollar significant levels
As of writing the US Dollar Index is up 0.05% at 98.25 facing the next up barrier at 98.91 (high Dec.7) followed by 99.00 (23.6% Fibo of 93.83-100.60) and then 100.00 (psychological handle). On the flip side, a breach of 97.21 (low Dec.9) would open the door to 96.73 (200-day sma) and finally 95.36 (4-month uptrend).
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Source:: FX Street
