US DOLLAR OUTLOOK: USD REVERSAL GAINS TRACTION, EYES ON JACKSON HOLE SYMPOSIUMUS Greenback has rocketed larger all through Monday
US DOLLAR OUTLOOK: USD REVERSAL GAINS TRACTION, EYES ON JACKSON HOLE SYMPOSIUM
- US Greenback has rocketed larger all through Monday’s buying and selling session and erased early losses
- The DXY Index is growing a contemporary bullish pattern in a reversal try off two-year lows
- USD value motion eyes the Federal Reserve Jackson Gap Symposium for potential volatility
The US Greenback has weathered a turbulent buying and selling session to date immediately as USD value motion whipsaws as soon as extra with bulls and bears battling over the Dollar’s subsequent route. This had the DXY Index down by about 0.3% previous to the New York opening bell, however the broader US Greenback is now on tempo to shut the day in constructive territory.
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DXY INDEX – US DOLLAR PRICE CHART: 1-HOUR TIME FRAME (13 AUG TO 24 AUG 2020)
Chart created by @RichDvorakFX with TradingView
US Greenback bulls seemingly welcome the intraday reversal as USD value motion reveals indicators of follow-through from Friday’s inflow of energy sparked by PMI information. This afternoon’s bid loved by the DXY Index additionally seems to be to underscore a short-term bullish pattern growing from a string of upper lows.
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USD PRICE OUTLOOK – US DOLLAR IMPLIED VOLATILITY TRADING RANGES (1-WEEK)
Foreign money volatility is predicted to proceed its decline judging by one-week US Greenback implied volatility readings clocked on the shut final Friday. Sustained volatility suppression stands out as a possible headwind that might linger and weigh negatively on the US Greenback. Broadly talking, it is because the absence of volatility facilitates danger urge for food and steers FX merchants away from prime safe-haven currencies such because the Dollar.
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USD value motion nonetheless faces appreciable occasion danger that might catalyze market volatility within the days to return. That is obvious when looking on the DailyFX Financial Calendar because it particulars a number of high-impact information releases and scheduled occasions this week. The annual Jackson Gap Symposium coordinated by the Federal Reserve stands out particularly, which is ready to stream on-line on this Thursday, August 27 and Friday, August 28.
Hold Studying: US Greenback Decline Might Speed up After Jackson Gap Symposium
— Written by Wealthy Dvorak, Analyst for DailyFX.com
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