US Dollar Index Slips as Traders Await FOMC and NFP

Traders are waiting for the FOMC and for the NFP later this week before entering into bullish positions in [[DXY]].

Written by: Arslan Butt • Wednesday, May 1, 2019 • 1 min read

• Last updated: Wednesday, May 1, 2019

Ahead of the FOMC statement and interest rate decision by the Federal Reserve, the US dollar index has slipped below a 23-month high. Traders are waiting for the FOMC today and NFP later this week before entering into bullish positions in [[DXY]].

Japan is off for a week-long holiday, while European banks remain closed in observance of Labour Day today. As a result, volatility in the markets is on the lower side.

Any significant change in this index can only be expected during the US session later today. For now, the DXY is trading at 97.44.

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ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.