Dollar Index erases Monday’s losses and tests 93.50

Matías Salord FXStreet

The US dollar rose across the board on Tuesday and erased yesterday’s losses. The greenback was boosted by rising US bonds. The 10-year yields rose today to 2.231%, the highest in six days.

Equity prices in Wall Street are having a great performance. The Dow Jones is rising 0.75% and the Nasdaq gains 1.21%. While some analysts point toward better-than-expected US data, released today from the regional Fed banks of Richmond and Philadelphia, as the driver of today’s price action in US markets, others consider that investors increased their expectation about a possible reform of the tax code.

Wall Street starts day higher on robust data and bargain-shopping

DXY testing again 93.45/50

The Dollar Index is up 0.49%, trading at daily highs at 93.47. It is testing a relevant short-term support at 93.50 (Aug 21 & 22 high). A break higher could signal more gains ahead, with a potential target at 93.65; above the next key level to watch is 94.00/05 (last week high).

On the flip side, immediate supports might lie at 93.30 (American session low), 93.10 and 92.95 (Aug 22 low).

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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