FXStreet — The Dollar Index, which represents the strength of the USD vs. its 6 most important rivals, is under heavy selling pressure after the FOMC meeting minutes was released, and so the rate falls below 97, to the majority of its yesterday’s gains to reduce. Currently, the Index traded with a loss of -0.25% and 97,04.
The US Fed politicians stated that they need more data for confirmation that the recent weakness in the economy was only temporary. Only then will the planned path of interest can be passed increases. They also agreed that the new Plan on the balance sheet will be released soon and it would be appropriate to begin later this year with the reduction.
Under 97 (psych. Level), next supports at 96,70 (Deep 23. May) 95,90 (Deep 11. Nov.). Resistors are on the other hand, in the case of 97,35 (daily high), 98 (18. May / psych. Level) and in 98.75 (High 16. May).
** FXStreet News Editorial, FXStreet**