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US Dollar above 97.00, boosted by US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The greenback, measured by the US Dollar Index, is now trading on a firmer fashion, advancing above the 97.00 handle following upbeat US CPI figures.

    US Dollar stronger on CPI

    The index is looking to consolidate the breakout of the 97.00 mark, sustained by auspicious inflation figures in the US economy during last month. In fact, headline consumer prices have surpassed estimates advancing 1.4% on an annualized data, while core CPI has also rose 2.2% YoY.

    USD is posting weekly gains for the first time after two consecutive pullbacks, managing to bounce off last week’s lows in the 95.20 region.

    Further news regarding the greenback has come from Cleveland Fed President Loretta Mester, who favours a gradual path in rate hikes, emphasizing at the same time the good health of the US economy.

    US Dollar levels to watch

    The index is up 0.24% at 97.07 facing the next hurdle at 97.25 (20-day sma) ahead of 97.61 (50% Fibo of 99.95-95.28) and then 98.11 (55-day sma). On the other hand, a breach of 96.38 (23.6% Fibo of 99.95-95.28) would target 94.19 (low Sep.18 2015) en route to 93.86 (low Oct.14).
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