US Dollar climbs to highs near 97.40 on US GDP

Pablo Piovano FXStreet

The greenback – in terms of the US Dollar Index – met a bout of upside pressure following the release of the US Q1 GDP, advancing to the upper end of the range near 97.40.

US Dollar bid after upbeat data

The index gathered further traction after another revision of US GDP has surprised to the upside, showing the economy is seen growing at an annualized 1.2% in the January-March period (vs. 0.9 forecasted and 0.7% previous).

Additionally, US durable goods orders came in mixed, contracting 0.7% inter-month in April (vs. -1.2% expected) and 0.4% excluding the Transportation sector (vs. a 0.5% expansion forecasted).

Further releases will come later with the final print of the US consumer sentiment measured by the Reuters/Michigan index.

The buck is thus extending its rebound for the second session in a row and is currently challenging 3-day tops in the vicinity of 97.40, looking to add some more sustainability to the bounce off 2017 troughs near 96.70 seen earlier in the week.

US Dollar relevant levels

The index is up 0.22% at 97.35 and a breakout of 97.38 (high May 24) would open the door to 97.97 (high May 18) and finally 98.27 (20-day sma). On the downside, the next support is located at 96.70 (2017 low May 23) followed by 95.91 (low Nov.9 2016) and then 94.95 (low Sep.22 2016).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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