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).
