US Dollar pushes higher above 89.00 on U-Mich
|- US consumer sentiment beats estimates.
- DXY tested 89.00 and beyond.
- US yields drop to 2.86%.
The greenback, in terms of the US Dollar Index (DXY), is now extending the daily rebound and is now gyrating around the 89.00 handle.
US Dollar bid on data
The index grabbed buying interest after bottoming out in multi-year lows in the 88.30/20 band.
Subsequently, auspicious results from the US housing sector added extra oxygen to the correction higher while a better-than-expected Reuters/Michigan index is also collaborating with the upside.
In fact, preliminary figures for the current month now expect US consumer sentiment to improve to 99.9 from January’s 95.7. In addition, consumer expectations are seen at 90.2 and current conditions at 115.1, all readings coming in above initial expectations.
The up move in the buck is coming in on a different direction from the performance of yields in the US 10-year note, which are now hovering over daily lows around 2.86%.
US Dollar relevant levels
As of writing the index is gaining 0.47% at 88.96 and a break above 89.57 (21-day sma) would aim for 89.61 (10-day sma) and then 90.57 (high Feb.8). On the other hand, the initial support lines up at 88.26 (2018 low Feb.16) seconded by 88.13 (200-month sma) and finally 86.85 (support line off 72.70).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.