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US Dollar clinches highs near 97.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The US Dollar Index, which tracks the greenback vs. its main rivals, has reverted initial losses and is now on track to reach the 97.00 handle, or session peaks.

    US Dollar in 3-day highs

    The greenback is trading on a firmer footing today despite poor results from the US docket, where both the NAHB index and the Empire State index have disappointed previous estimates.

    The sentiment around risk-associated assets has deflated in response to an abrupt correction lower in crude oil prices after the meeting in Doha has yielded no (positive) news regarding a potential agreement amongst oil producers to freeze or cut the oil output.

    Furthermore, Philadelphia Fed P.Harker was on the wires earlier, arguing that further tightening should be expected in case headwinds alleviate. He now sees inflation still at low levels during the first months of the year, while he believe the unemployment rate could slip towards 4.7% by end of 2016.

    US Dollar levels to watch

    The index is up 0.19% at 96.93 facing the next hurdle at 97.67 (20-day sma) ahead of 97.50 (high Feb.8) and then 98.25 (55-day sma). On the other hand, a breach of 95.43 (76.4% Fibo of 93.86-100.60) would target 94.19 (low Sep.18 2015) en route to 93.86 (low Oct.14).
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