FXStreet (Edinburgh) – The greenback, gauged by the US Dollar Index, has managed to revert the initial pullback and is now challenging daily highs near 99.00 the figure.
US Dollar bid despite data
After testing session lows in the 98.10 area, the dollar has sparked a recovery to the current boundaries of the key barrier at 99.00 in spite of today’s US data releases coming in below forecasts.
In fact, the ISM Manufacturing came in at 48.2 during December, the lowest level since 2009. Further releases saw Markit’s manufacturing PMI at 51.2 and Construction Spending contracting 0.4% on a monthly basis in November.
US Dollar significant levels
As of writing the US Dollar Index is up 0.17% at 98.95 facing the next up barrier at 99.34 (high Dec.17) followed by 100.00 (psychological level) and then 100.60 (2015 high Dec.3). On the flip side, a breach of 97.21 (23.6% Fibo of 93.82-100.60) would open the door to 97.10 (100-day sma) and finally 95.78 (5-month uptrend).
(Market News Provided by FXstreet)