FXStreet (Edinburgh) – The greenback, gauged by the US Dollar Index, is extending its weekly upside on Thursday, trading in session tops in the 97.50/55 band.
US Dollar Index focus on US data
The index is advancing for the second consecutive session so far and challenging 8-week tops at the same time. The resurgence of the strong buying interest around the greenback remains the main driver of the current USD-strength, which has been recently intensified after Yellen’s testimony on Wednesday.
Ahead in the session, a dovish tone by the ECB at its meeting today could add further vigour to the USD upside, whereas the US docket will publish Initial Claims, the Philly Fed Manufacturing Survey, the NAHB index and the second testimony by Chair Yellen.
US Dollar Index relevant levels
As of writing the index is advancing 0.38% at 97.54 with the next hurdle at 97.78 (high May 27) followed by 98.46 (high Apr.21) and then 99.36 (high Apr.15). On the downside, a break below 95.08 (low Jun.26) would aim for 94.86 (low Jun.30) and finally 94.72 (low Jun.29).
(Market News Provided by FXstreet)