US Dollar looks to retake 92.00

12 September, 2017

The greenback, tracked by theВВВ US Dollar IndexВВВ (DXY), is facing strong resistance in the boundaries of the 92.00 handle ahead of the opening bell in Europe on Tuesday.

US Dollar focus on yields, data

The upside momentum around the buck seems to be losing some vigour so far today ahead of the critical 92.00 mark, while yields of the relevant US 10-year benchmark keep struggling to regain the 2.15% area.

Yields appear to have stabilized just below 2.14% after bottoming out in the area sub-2.02% during last week - levels last traded in early November 2016 – apparently looking for some relevant catalyst to extend the up move.

Also pouring cold water over the recent up tick in USD, NY Fed and permanent voter W.Dudley said on Monday that inflation weakness still persist in the US economy.

Looking ahead in the US data space, the NFIB index and JOLTs job openings are only due.

US Dollar relevant levels

As of writing the index is up 0.03% at 91.90 facing the next hurdle at 92.20 (10-day sma) seconded by 92.70 (21-day sma) and finally 93.35 (high Aug.31). On the downside, a breach of 91.08 (2017 low Sep.8) would target 91.00 (psychological level) en route to 87.63 (low Dec.16 2014).

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