The greenback, measured by the US Dollar Index, is extending its weekly gains above the 98.00 mark following today’s US releases.
US Dollar stronger post-ISM
The better tone in the risk-on space has been underpinning the upside momentum in USD since early trade. In addition, the greenback has found extra legs after both manufacturing gauges from Markit and the ISM have surpassed initial forecasts, coming in at 51.3 and 49.5, respectively, during February.
The index is thus advancing for the third consecutive week so far, with the 99.00 mark on the crosshairs and the FOMC meeting getting closer.
US Dollar relevant levels
The index is up 0.26% at 98.54 facing the next hurdle at 98.85 (76.4% Fibo of 99.95-95.28) followed by 99.75 (high Jan.6) and finally 99.95 (high Jan.21). On the other hand, a breach of 97.61 (50% Fibo of 99.95-95.28) would target 97.37 (200-day sma) en route to 96.96 (20-day sma).
(Market News Provided by FXstreet)