US Dollar Regains 94.00, Session Tops
The US Dollar Index is prolonging its rally today, now pushing higher to daily peaks beyond the 94.00 mark.
US Dollar bid post-data, Fedspeak
Increasing buying interest around USD keeps sustaining the upside momentum in the index from recent multi-month lows in the 91.90 area, propped up at the same time by auspicious results in the US calendar and positive comments by New York Fed President W.Dudley.
In fact, Dudley considered ‘appropriated’ the Fed’s projection of two rate hikes this year, arguing that the US fundamentals look ‘good’ despite Q1 weakness.
On the data front, the Fed’s Labor Market Conditions Index has come in at 0.9 vs. -1.0 expected and up from the previous -2.1, giving further support to the USD rally.
US Dollar relevant levels
The index is up 0.27% at 94.14 and a breakout of 95.21 (high Apr.14) would aim for 95.39 (55-day sma) and then 96.42 (high Mar.28). On the flip side, the next support aligns at 91.89 (2016 low May 3) followed by 91.50 (low Jan.15 2015) and finally 87.23 (low Nov.17 2014).