US Dollar pushes higher near 92.00 ahead of US GDP
|- The index is posting fresh multi-month tops around 91.70.
- US 10-year yields rebounds to the 2.98% handle.
- Flash US Q1 GDP figures, U-Mich index next of relevance.
The greenback, measured by the US Dollar Index (DXY), is prolonging the upside momentum and tests the 91.70/75 band, or fresh 3-month peaks.
US Dollar looks to US docket
The index is extending the sharp rebound to levels beyond 91.70, clinching at the same time the third consecutive daily advance.
The sell off in the single currency and the Japanese Yen is dragging EUR/USD to multi-month lows in sub-1.2100 levels, while USD/JPY is hovering over 109.50, levels last traded in early February, all lending extra legs to the buck’s rally.
In fact, both EUR and JPY saw their declines accelerated after the ECB delivered a somewhat cautious tone at its meeting on Thursday and the BoJ reiterated its ‘lower for longer’ stance earlier today.
USD has also picked up extra pace as of late in response to the solid march higher in US 10-year yields, while concerns over the US-China trade conflict keeps shrinking as Kudlow and Mnuchin are travelling to China. Further upside in the greenback emerged after the key meeting between South Korea and North Korea leaders, pouring (very) cold water over geopolitical tensions.
Later in the session, US first estimate of Q1 GDP figures is due along with the final print of Consumer Sentiment for the month of April.
US Dollar relevant levels
As of writing the index is up 0.24% at 91.81 and a break above 91.99 (200-day sma) would open the door to 92.52 (61.8% Fibo of 95.15-88.25) and finally 92.64 (high Jan.10). On the other hand, the next support emerges at 90.89 (38.2% Fibo of 95.15-88.25) followed by 90.52 (10-day sma) and then 89.95 (high Apr.20).
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