DXY trades off daily highs but above 93.00 .
US Philly Fed index (Sept) printed at 15.0 in line with forecasts.
Initial Jobless Claims missed expectations at 860K for last week.
The upbeat mood in the market was unaffected by the US Data releases, pushing the US Dollar Index (DXY) to the 93.20.
US Dollar Index in favour post FOMC
After the DXY has pared some earlier losses however, it ran into resistance at the 93.55/60 region in early trade.
DXY gains have been fading since the Federal Reserve announcement bringing 93.00 into view indicating that investors could have already digested the Fed’s message.
Initial Jobless Claims rose by 860K just short of forecasts. Philly Fed index (Sept), a key regional manufacturing gauge printed in line with estimates at 15.0
US housing sector data (Sept) revealed a decrease in both Housing Starts and Building Permits to 1.416 million units (or 5.1%) and 1.470 million units (or 0.9%), respectively.
USD In Focus
The dollar found its feet after the Fed’s event on Wednesday, hitting 93.60 the following day where it resistance is forming. The current move higher in the US Dollar Index is still seen as a corrective move given the wider bearish stance, the lower for longer Fed, the progression of the covid pandemic and political uncertainty surrounding the elections.