US dollar index refreshes four-month highs


  • US dollar index prints a high of 99.14 to hit the highest level since mid-October. 
  • The greenback continues to attract safe-haven flows amid coronavirus scare and growth concerns. 

The US dollar index (DXY), which tracks the value of the greenback against most majors, has risen to a fresh four-month high of 99.14, surpassing the previous high of 99.11 reached on Thursday. 

The greenback continues to attract haven flows amid the signs of a slowdown in the Eurozone and increased fears of global growth slowdown due to coronavirus outbreak. 

More importantly, the US economy looks to be on a stable footing, as highlighted by last week's Nonfarm Payrolls report. The data showed the economy added 225K jobs in January, beating the Wall Street estimates for a 158K gain by a big margin. Further, average hourly earnings rose 3.1% over a year ago, beating the estimate for 3% growth. 

Focus on Eurozone and US data

The German data due at 07:00 GMT is expected to show the economy expanded by 0.1% quarter-on-quarter in the final three months of 2019. Meanwhile, the Eurozone GDP for the fourth quarter is expected to come in at an unchanged quarter-on-quarter reading of 0.1%. 

A weaker-than-expected German GDP would bolster recession fears, boosting haven flows into the US dollar

The dollar may also find love if the US January retail sales, due at 13:30, better the estimated growth of 3%. Post-retail sales, the focus would shift to the Industrial Production data. 

Technical levels

Dollar Index Spot

Overview
Today last price 99.12
Today Daily Change 0.01
Today Daily Change % 0.01
Today daily open 99.11
 
Trends
Daily SMA20 98.1
Daily SMA50 97.59
Daily SMA100 97.86
Daily SMA200 97.77
 
Levels
Previous Daily High 99.11
Previous Daily Low 98.85
Previous Weekly High 98.71
Previous Weekly Low 97.44
Previous Monthly High 98.19
Previous Monthly Low 96.42
Daily Fibonacci 38.2% 99.01
Daily Fibonacci 61.8% 98.95
Daily Pivot Point S1 98.94
Daily Pivot Point S2 98.76
Daily Pivot Point S3 98.68
Daily Pivot Point R1 99.2
Daily Pivot Point R2 99.28
Daily Pivot Point R3 99.46

 

 

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