Friday's Jobs Data Undercuts Huge Rally in Dollar Index
Tweet Send to a Friend
The USD Index, often traded using the ETF PowerShares DB US Dollar Index Bullish (NYSE: UUP), is rolling over in early trading on Monday. The index has rallied from 78.50 at the beginning of May to a high of 83.54 which was struck on June 1st.
But the index is in the process of pulling back as traders digest the weak jobs data. Considering the speed of the rally, there is risk that a short term correction could be swift and sharp, say traders.
The dollar index is trading lower at 82.48 early on Monday. Support should come in at $81.80, and if that breaks the price will likely test $81 in short order, where it would likely consolidate short term.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
But the index is in the process of pulling back as traders digest the weak jobs data. Considering the speed of the rally, there is risk that a short term correction could be swift and sharp, say traders.
The dollar index is trading lower at 82.48 early on Monday. Support should come in at $81.80, and if that breaks the price will likely test $81 in short order, where it would likely consolidate short term.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Markets Fluctuate on Chatter of Early QE Exit by Fed
- Hedgies Betting on Lower Gold Prices as Slump Continues (GLD) (IAU)
- Bernanke Speech at 49th Annual Conference on Bank Structure and Competition
Create E-mail Alert Related Categories
ETFs, Forex
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
