US Dollar advances beyond 93.00, 3-day tops
- DXY managed to re-test/surpass the 93.00 barrier.
- USD supported by auspicious US data.
- US 10-year yields remain subdued near 2.32%.
The US Dollar Index (DXY), which tracks the greenback vs. a basket of its main rival currencies, has recovered the 93.00 handle and beyond, clinching at the same time fresh 3-day peaks.
US Dollar propped up by data, attention to Powell
The index is prolonging the recent breakout of the key up barrier at 93.00 the figure bolstered by higher-than-expected US consumer confidence gauged by the Conference Board and somewhat supportive speech by Fed Chair nominee J.Powell.
Powell argued that the final size of the balance sheet should arrive within the next 3-4 years, while he also stressed that there are no estimates of the effects of tax cuts in the economy.
Regarding the latter, President Trump expected to meet with Senate Republicans later in the day and the Senate tax bill should be put to a vote as early as Thursday.
US Dollar relevant levels
As of writing the index is gaining 0.26% at 93.16 facing the next hurdle at 93.25 (high Nov.24) seconded by 93.45 (10-day sma) and then 94.03 (23.6% Fibo of 2017 drop). On the flip side, a break below 92.50 (low Nov.27) would open the door to 91.78 (low Sep.22) and then 91.53 (low Sep.20).