US Dollar Index picks up pace, retakes 93.00

DXY pushes higher and surpasses the 93.00 mark.
US advanced Q2 GDP surprised to the upside.
Fed’s Bullard said house price gains remain a concern.

Pablo Piovano FXStreet

The greenback gathers traction and climbs to daily highs just above the 93.00 mark when tracked by the US Dollar Index (DXY).

US Dollar Index bounces off 92.80

The index now advances further into the positive territory and manages to reverse four daily pullbacks in a row, helped at the same by higher yields and positive results in the US docket.

Indeed, yields of the US 10-year reference navigate the area of multi-day highs around 1.37%, surpassing the 200-day SMA (1.3372) at the same time and putting further distance from recent lows in the sub-1.22% area.

In the US docket, flash GDP figures now see the economy expanding 6.6% in the April-June period, while Initial Claims rose by 353K in the week ended on August 21, a tad above consensus.

Later, the Kansas Fed Manufacturing gauge will close the daily calendar.

US Dollar Index relevant levels

Now, the index is gaining 0.22% at 93.02 and a break above 93.72 (2021 high Aug.20) would open the door to 94.00 (round level) and then 94.30 (monthly high Nov.4 2020). On the other hand, the next support comes in at 92.80 (weekly low Aug.24) followed by 92.47 (low Aug.13) and finally 91.78 (monthly low Jul.30).

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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