US Dollar pushes higher near 92.50, 4-month tops

  • The greenback remains well bid above the 92.00 mark.
  • DXY clinches fresh 4-month tops close to 92.50.
  • US ISM manufacturing missed estimates in April at 57.3.

Measured by the US Dollar Index (DXY), the greenback is prolonging the recent breakout of the key 92.00 barrier, bracing news 4-month tops at the same time.

US Dollar ignores soft ISM

The index is extending its march north during the first half of the week, moving to the mid-92.00s despite the key manufacturing gauge tracked by the ISM missed forecasts for the month of April at 57.3.

Additionally, Construction Spending contracted at a monthly 1.7% during March, while Markit’s manufacturing PMI matched expectations at 56.5 in April.

In the meantime, the buying interest around the buck keeps growing and DXY is already trading at shouting distance from YTD tops beyond 92.60 seen in early January.

The up move in USD is in tandem with a rebound of yields in the US 10-year note to daily highs in the vicinity of the 2.98% level ahead of the FOMC meeting expected tomorrow.

US Dollar relevant levels

As of writing the index is up 0.71% at 92.49 and a break above 92.64 (2018 high Jan.10) would aim for 93.68 (78.6% Fibo of 95.15-88.25) and finally 94.59 (200-week sma). On the other hand, the next support emerges at 90.89 (38.2% Fibo of 95.15-88.25) followed by 90.98 (10-day sma) and then 89.95 (high Apr.20).

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

How do emotions affect trade?
Follow up our daily analysts guidance

Subscribe Today!    

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD clings to daily gains around 1.1650 after mixed US data

Fueled by the broad dollar weakness, EUR/USD advanced to its highest level in nearly three weeks at 1.1670 during the European trading hours on Tuesday but retreated modestly following the mixed US data. Investors await Fed officials' speeches.


GBP/USD extends rally beyond 1.3800 on USD selloff

GBP/USD extended its rally in the European trading hours and reached its strongest level in a month above 1.3800. The broad-based selling pressure surrounding the greenback and the BoE rate hike expectations ahead of UK CPI data fuel the pair's upside.


XAU/USD targets $1791 on turnaround Tuesday

Gold price jumps 1% as the US dollar keeps losing ground across the board. Retreat in Treasury yields, risk-on mood aid the rebound in gold price. 

Gold News

Stellar's XLM won't face the same legal issues in the US as Ripple did

Ripple and XRP are still battling with the SEC nearly a year after the lawsuit was first filed. Due to the inherent similarities between the target space of XRP and XLM, some speculate that the regulators might target Stellar next.

Read more

Netflix (NFLX): Will Q3 earnings after the close be enough?

Netflix (NFLX) shares continued to perform strongly on Monday with results just around the corner. The stock has been very strong for some time, setting new all-time highs on the back of the global success of Squid Game.

Read more