US Dollar pushes higher beyond 91.00
|- The index grabs session tops above the 91.00 mark.
- US 10-year yields look to stabilize at/beyond 3.0%.
- EIA’s report on US crude oil supplies only release in the docket.
The greenback, measured by the US Dollar Index (DXY), has resumed the upside on Wednesday and is looking to advance further north of the 91.00 mark on a more sustainable basis.
US Dollar looks to yields
The index has resumed the upside today after Tuesday’s pullback and is now attempting to break above the 91.00 milestone on a more convincing fashion, always amidst rising yields in the US money markets.
In fact, yields of the key US 10-year note are looking to extend the upbeat momentum above the psychological 3.0% handle, trading at the same time in the area of multi-year peaks.
In the meantime, DXY is up for the second week in a row, moving to fresh 3-month tops and always on the back of increasing yields and investors’ focus on monetary policy.
Nothing scheduled data wise in the US docket today, with only the weekly report on US crude oil stockpiles by the EIA due later in the NA session.
US Dollar relevant levels
As of writing the index is up 0.33% at 91.10 and a break above 91.70 (50% Fibo of 95.15-88.25) would aim for 92.02 (200-day sma) and finally 92.52 (61.8% Fibo of 95.15-88.25). On the other hand, the next support lines up at 90.69 (100-day sma) followed by 90.12 (10-day sma) and then 89.95 (high Apr.20).
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