US Dollar strengthens amid higher US yields, DXY back above 97.00
|- Greenback prints fresh highs versus main European currencies.
- US 10-year yield hits 2.59%, highest since March 20.
The US Dollar, measured by the Dollar Index (DXY) rose further during the American session and printed a fresh daily high at 97.08, a 5-day high. As of writing, was trading at 97.05, up 0.10% for the day.
Yields further up, Wall Street trims gains
While US yields rose further supporting US dollar gains versus European majors, equity prices in Wall Street moved off highs. The DOW JONES was up 0.15% and the NASDAQ 0.31%. Regarding bonds, the 10-year yield jumped to the upside after moving around 2.55% for hours and reached 2.59%.
Data from the US released today included a decline in Industrial Production of 0.1%, analysts were expecting an increase of 0.2%. On Thursday, retail sales data is due.
DXY back above 97.00
The Index continues to move sideways with a modest bearish bias. In order to clear the way to more losses, it needs to post a daily close clearly below 96.90. The next target might be seen at 96.60. On the upside, a firm recovery back above 97.20 would remove the negative bias, exposing the next resistance at 97.40.
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