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US dollar index, which is value of dollar against basket of currencies is rising today.
Talks in the market suggests some funds are buying dollar as a contrary opinion against popular expectation of a Greek deal today.
Market has held hopes high over today's emergency Euro zone summit, which h has already pushed pan European indices into deep green.
- Another failure today, might cause havoc for market sentiment and would surely push the dollar high against its counterparts, especially Euro. Dollar index is currently trading at 94.3, up 0.2% for the day.
However, any buyers of dollar, should remain cautious as the main theme behind dollar's rise, rate hike by US Federal Reserve has somewhat weakened in the near term.
FOMC comments and projections last week has now pushed rate hike expectation deep into the future.
Next market moving events or data is scheduled next month, which is NFP report, until then dollar is likely to remain weighed by FOMC comments and down side biased.
FXCM US dollar index is currently trading at 11790, key resistance lies at 11820, 11880, and 12000.
