US Dollar keeps pushing higher, in highs around 92.20

Pablo Piovano FXStreet

Measured by the US Dollar Index (DXY), the buck has reverted the initial pessimism and is now trading in the upper end of the range beyond 92.00 the figure.

US Dollar up on rumours

The index grabbed unexpected attention after market rumours regarding potential news on Trump’s tax reform plans were hovering over markets, lifting yields of the US 10-year reference to fresh daily lows above 2.18%.

Latest news cited US speaker Ryan was confident that President Trump will push for tax reform, collaborating with DXY’s daily advcance.

In the US data space, producer prices missed estimates in August, rising at a monthly 0.2% and 2.4% over the last twelve months.

Looking ahead, the greenback should remain under pressure in light of the publication of August’s inflation figures tracked by the CPI tomorrow and retail sales and the advanced gauge of consumer sentiment on Friday.

US Dollar relevant levels

As of writing the index is gaining 0.17% at 92.24 facing the next resistance at 92.64 (21-day sma) followed by 93.35 (high Aug.31) and finally 93.76 (55-day sma). On the other hand, a break below 91.42 (low Sep.11) would open the door to 91.01 (2017 low Sep.8) and then 87.63 (low Dec.16 2014).

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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