US Dollar trades in tight range ahead of Fed Minutes, Nvidia earnings

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Macroeconomics,Unitedstates,SEO

The US Dollar (USD) is drifting as markets await a volatile 24 hours ahead which will commence with the release of the Federal Reserve (Fed) Minutes from the recent Federal Open Market Committee (FOMC) decision on why they kept rates stable.

The US Dollar trades flat ahead of the release of Nvidia earnings and the Fed Minutes. Volatility around the Greenback could pick up with plenty of economic data points on Thursday. The US Dollar Index trades in a tight range, respecting nearby support and resistance levels. The US Dollar is drifting as markets await a volatile 24 hours ahead which will commence with the release of the Federal Reserve Minutes from the recent Federal Open Market Committee decision on why they kept rates stable.

The fact that a single stock’s earnings could determine the risk tone for the remainder of the US trading session might see traders chasing the trade and moving the US Dollar Index in an unusual direction. On the upside, the DXY Index is already near a chunky resistance level. The first level to recover is the 55-day Simple Moving Average at 104.74. Further up, the following levels to consider are 105.12 and 105.52. On the downside, the 100-day SMA around 104.

 

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