U.S. Dollar Index near Six Week High

The dollar was on a firm footing in early Asian trading on Wednesday, with the dollar index not far from a six-week peak after U.S. data reinforced expectations that the U.S. Federal Reserve will begin reducing its stimulus soon.

However, caution ahead of this week's central bank meetings as well as the possibility of a U.S. military strike on Syria were likely to keep major currency pairs in recent ranges, market participants said.

The dollar index, which tracks the unit's performance against a basket of six major currencies, rose to 82.516 on Tuesday, its highest since July 22. It last traded at 82.363, up slightly on the day.

CNBC

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Stuart McPhee

Stuart McPhee

Senior Currency Technical Analyst at Market Pulse
Stuart McPhee has nearly 20 years’ experience as a private trader and he specializes in technical market analysis of major currency pairs. He is the author of several bestselling trading books, most recently the fourth edition of his popular book “Trading in a Nutshell” (John Wiley), and he contributes articles to daily newsletters and blogs. He produces articles and videos on the how-tos of technical trading. Living in Melbourne, Australia, Stuart speaks at conferences and events worldwide.
Stuart McPhee
Stuart McPhee

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