USD Price Outlook: US Dollar Oscillates in Effort to Form Support 2020-12-14 22:30:00 Rich Dvorak, Analyst
US DOLLAR OUTLOOK: USD PRICE ACTION EYES KEY CATALYSTS FOR VOLATILITY
USD price action whipsawed Monday as weakness waned throughout the trading session
The DXY Index inked fresh two-year lows on an intraday basis in spite of technical support
US Dollar volatility in focus amid Brexit, stimulus talks, covid, FOMC decision and PMI data Advertisement
The US Dollar endured a turbulent trading session Wednesday as early weakness morphed into strength. US Dollar bears made a push to start the week as GBP/USD price action popped on the back of UK-EU negotiators opting to extend Brexit negotiations, which largely contributed to the initial 0.63% decline notched by the DXY Index. It is likely this weighed negatively on the US Dollar more broadly and helped fuel a risk-on tone across markets.
US Dollar selling pressure resumed on Thursday as USD price action pivoted toward week-to-date lows, but a weaker Pound Sterling helped alleviate some of the downside notched by the DXY Index.
USD price action traded mixed throughout Wednesday with the DXY Index gaining a mere 0.1% on balance as the US Dollar strengthened against the Euro but weakened relative to the Pound Sterling.