USD Index: Gains may extend to retest the 101 area – Scotiabank

USD edged off its lows Tuesday and the US Dollar Index (DXY) is trading above 100. Shaun Osborne, Chief FX Strategist at Scotiabank, analyzes Greenback’s outlook.

USD gains are modest and still look corrective in nature

USD gains are modest and still look corrective in nature after the USD’s sharp slide last week. 

DXY gains may extend to retest the 101 area (former support, now resistance) but I still see broader risks for the USD tilted to the downside.

See: Room for some marginal Dollar recovery – ING