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US Dollar firmer, clinches 98.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 15, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The greenback, tracked by the US Dollar Index, has managed to revert the initial negative mood and is now hovering over the 98.00 neighbourhood.

    US Dollar boosted by US data, focus on FOMC

    Healthy results from US inflation figures during November (0.5% YoY) plus better-than-expected December’s Empire State index have helped the dollar to regain ground lost and curb the negative sentiment that has been prevailing since early trade.

    Further data saw the NAHB index coming in at 61 for the current month vs. 63 anticipated and 62 previous, while TIC Flows are due next.

    USD will take centre stage tomorrow in light of the FOMC meeting and press conference by Chairwoman J.Yellen, all against the backdrop of firm probabilities of a rate hike by the Committee.

    US Dollar significant levels

    As of writing the US Dollar Index is up 0.33% at 98.06 facing the next up barrier at 98.91 (high Dec.7) followed by 99.00 (23.6% Fibo of 93.83-100.60) and then 100.00 (psychological handle). On the flip side, a breach of 97.21 (low Dec.9) would open the door to 96.74 (200-day sma) and finally 95.39 (4-month uptrend).
    For more information, read our latest forex news.
     

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