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US Dollar advances further, near 99.60

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 17, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The greenback, in terms of the US Dollar Index, keeps the upside bias intact on Tuesday, now returning to the 99.60 area after climbing as high as 99.80.

    US Dollar firm on US CPI

    The US dollar has found some extra support after October’s inflation figures have surpassed expectations during October, rising 0.2% on a yearly basis and somewhat offsetting an unexpected contraction of Industrial Production and a small drop from Capacity Utilization.

    The index is trading closer to the psychological handle at 100.00, backed by solid market expectations of a Fed’s rate hike at its December meeting, which have been further sustained by today’s CPI figures.

    US Dollar significant levels

    As of writing the US Dollar Index is up 0.07% at 99.54 with the next hurdle at 100.00 (psychological level) and finally 100.38 (2015 high Mar.13). On the other hand, a drop below 96.59 (100-day sma) would aim for 96.51 (55-day sma) and then 96.49 (200-day sma).
    For more information, read our latest forex news.
     

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