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US Dollar off highs, near 100.20

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The US Dollar Index, which tracks the greenback vs. its main rivals, has resumed the upside and is now trading back above the 100.00 mark.

    US Dollar firmer on data, waits for Yellen

    After yesterday’s sell off, the greenback has managed to pick up pace and it has not only regained the psychological 100.00 mark, but also advanced to session tops near 100.30.

    The index has found extra legs in the solid print from US ADP report, where the private sector has created 217K jobs during November, bettering initial estimates at 190K and opening the door for a healthy result at this Friday’s Non-farm Payrolls.

    Furthermore, Atlanta Fed D.Lockhart has argued that a 25 bp rate hike would lack of economic impact, while he reiterated that subsequent hikes should follow a gradual path. Lockhart also said that USD could derive further strength from central bank policy divergence, although a stronger dollar could be a risk to his outlook.

    US Dollar significant levels

    As of writing the US Dollar Index is advancing 0.35% at 100.23 with the immediate resistance at 100.38 (2015 high Mar.13) ahead of 101.00 (psychological level). On the other hand, a breach of 98.50 (low Nov.12) would aim for 97.25 (55-day sma) and finally 95.03 (4-month uptrend).
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