- Greenback profits from rising US Yields to post more gains
- US Dollar bullish run stalled during American trading
The USD Index, that measures the US Dollar performance against a basket of currencies, is nearing the psychological 90.00 mark after posting another positive trading session, gaining 0.57% on the day. The greenback has had the edge over most of its major pals, which has carried the weighed index to 4-day highs, setting a top for the day at 89.80.
DXY claimed most of its gains during European trading, with the US yields gaining traction and carrying the greenback, keeping the positive correlation between both assets. Auctions for several bills and the 2-year note resulted in rising returns for the bond bidders, which confirmed the current yield surge.
During the American session, the bullish run has stalled, with the index trading in a tight range between 89.50 and 89.70 the whole session.
Technical levels
The Dollar Index needs to break above today’s 89.80 intraday high to keep the bullish ride going. Next targets could be set at the psychological 90.00 mark, followed by the 90.56 where the index set a double top two weeks ago.
On the downside, most immediate support is set at 89.40, followed by 89.00. Below, this year’s low at 88.28 still looms.
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