The past four sessions have been strong for December USD Index futures. After a post-election retracement to the 95.500 level, the bulls have bid the Greenback significantly higher. At press time, it appears that it is only a matter of time before we see a hard test of the 97.500 handle. Is the USD poised to end 2018 on a high note?
Well, it certainly appears that way. Amid a FED tightening cycle and consistently strong economic numbers from the U.S., the USD is becoming an ideal asset for institutional money. Tuesday brings a collection of bond auctions that will tell us a lot about how the investment banks currently view the Greenback. Be on the lookout for growing yields and the debt market to continue its strong run of the summer/fall seasons.
USD Index Futures
It is another trend day up for December USD Index futures. In fact, price opened GAP up and bids have continued to hit this market.
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Overview: For the time being, the USD Index is in a technical no man’s land. However, the GAP up on today’s open (96.725-96.875) is highly likely to be challenged in the near future. As a general rule, GAPs in pricing, such as we saw on yesterday’s electronic open in the USD Index, get filled in. If we don’t see a retrace today, then the GAP area will come under fire during the Tuesday/Wednesday sessions.
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