FXStreet — The Dollar Index, which is a measure that compares the value of the US Dollar using a Basket of six currencies, traded in a tight sideways range close to the critical level of 99.00.
US Dollar, focus on FOMC
The Index remains on its course of consolidation on the lower end of the sideways range and oscillates around the 99-point mark, while the market participants are awaiting the rate decision of the US Central Bank on Wednesday evening.
The markets expect, meanwhile, that the Committee will leave the monetary policy unchanged. According to the Barometer of CME FedWatch, the courses to signal to the futures markets, investors estimate the probability of a rate increase to just under 5 percent. However, the probability of an interest rate step in June with 67 percent.
In the meantime, the US Dollar eroded the 12-month support or resistance line and waiting for the next pulse in the a direction or the other.
In the United States no significant economic data on the schedule today. Middle of the week will be published data on the labour market and the service sector.
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The Index was last updated on 98,96, and to 0.02 per cent in the Minus. The next supports lie at 98,58 (Deep 28. April), 98,56 (Deep 25. April 2017) and 95,91 (Deep 09. November 2016). Technical Resistances on the other hand, 99,06 (the 200-day line), 99,21 (High 27. April) and 99,24 (High 24. To find April).
** FXStreet News Editorial, FXStreet**