Dollar Index Dropped Before U.S. Spending Data

Dollar Index (DXY) dropped before the data of U.S. today forecast to demonstrate consumers spending stagnated in previous month, boosting bets the Federal Reserve will be renewing its commitment to its bond-buying program this week in meeting.

A report of government displayed on April 26, the U.S. economy was expanded less than it was forecasted in the first quarter, helping out the yields of Treasury to extend their monthly decline toward the steepest since May.

The yen held a gain against the Australian and New Zealand currencies after a report of China showed the growth in industrial companies slowed last month.

Joseph Capurso a foreign-exchange strategist at Commonwealth Bank of Australia said that the U.S Dollar will be remaining heavy and especially as U.S bond stays low. He also added that the meeting of Fed would not be making any changes to policy or their statement.

Rate Range Projection by Bank

Next Week
98.50 - 100.50
Next 3 Months
95.00 - 105.00