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US Dollar through 97.00 on US upbeat data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The greenback, tracked by the US Dollar Index, is advancing further today, clinching session highs above the 97.00 mark.

    US Dollar stronger post-US data

    The index is posting fresh multi-day peaks above the key 97.00 barrier propped up by auspicious results from the US docket. In fact, Industrial Production, Capacity Utilization, Building Permits and Producer Prices have all surprised markets to the upside.

    On the not so bright side, Housing Starts have missed expectations at 1.099 million vs. 1.170 million forecasted.

    Ahead in the session, the FOMC minutes are the next big event in the US calendar, with strategists at TD Securities arguing that “TD expects that the tone of the minutes should be broadly balanced, highlighting the continued tightening bias while also addressing the increased uncertainty in the outlook”.

    US Dollar levels to watch

    The index is up 0.17% at 97.06 facing the next hurdle at 97.52 (20-day sma) ahead of 98.19 (55-day sma) and then 99.00 (23.6% Fibo of 93.86-100.60). 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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