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FX Action: The USD index (DXY) logged a one-month low

FX Action: The USD index (DXY) logged a one-month low earlier at 93.08, which is 2 pips shy of the low seen on October 19. Weakness in the dollar has correspondingly driven USD-JPY and other pairings to fresh lows, with markets readjusting their view of Fed policy following the publication of the FOMC minutes from the recent policy meeting. Analysts expect this them to persist for now. Strong flash November PMI readings out of the Eurozone should given added impetus to EUR-USD's upside, though the political situation in Germany may have a dampening effect. EUR-USD has resistance at 1.1861 (the November-15 high) and 1.1878-80 (which encompasses the October highs). A break and close above these levels would swing the scopes back on the 1.2000 level. Support is at 1.1810-13. USD-JPY logged a two-month low of 111.06, and the pair's recent action reaffirms the bearish trend that's been evolving since early November. The September low at 110.83 provides the next downside waypoint. Near-to resistance is at 111.36-37.


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