FXStreet (Edinburgh) – The US Dollar Index, which tracks the greenback vs. its main rivals, is picking up further pace today and is currently flirting with highs above 99.70.
US Dollar better bid despite poor US GDP
The increasing buying interest around USD is pushing the index to weekly highs around 99.80 during the European evening.
In fact, the greenback has found bids after the BoJ cut its benchmark rate to -0.10% at its meeting today and despite US GDP figures have missed expectations during Q4. Still in the US, the Reuters/Michigan index dropped to 92 for the current month, while on the positive note, January’s Chicago PMI has ticked higher to 55.6 vs. 42.9 previous.
In addition, month-end flows and the retracement in crude oil prices are collaborating with USD’s upside, eroding earlier losses and managing to close its third straight week in the positive territory.
US Dollar significant levels
As of writing the US Dollar Index is up 1.20% at 99.81 facing the next hurdle at 99.88 (high Jan.21) followed by 100.00 (psychological level) and then 100.60 (2015 high Dec.3). On the other hand, a breakdown of 98.01 (38.2% Fibo of 93.82-100.60) would expose 97.76 (100-day sma) and finally 96.90 (200-day sma).
(Market News Provided by FXstreet)