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Forex: US Dollar Index up above 83.00

FXstreet.com (Barcelona) - The US Dollar Index, which tracks the greenback against its major competitors, is advancing firmly on Tuesday, consolidating gains beyond the key resistance of 83.00.

Following the recent improvement of the US fundamentals, Strategist Jane Foley at Rabobank commented,” The associated logic is that this should support treasury yields and the USD… Fed Chairman Bernanke, however, has been reluctant to relinquish his dovish position in part because of the economic headwinds created by this year’s fiscal tightening… The markets will be kept guessing for some months as to how well the US economy is coping with the fiscal tightening and during this period there will likely be some mixed signals for the USD”.

At the moment, the index is up 0.20% at 83.06 and according to tradingcentral.com, the next resistance levels line up at 83.20, 83.35 and 83.55. Support levels are located at 82.55, 82.40 and 82.25.

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Germany's economy is central to the euro, producing one third of Eurozone GDP. According to Mansoor Mohi-uddin, head of Foreign Exchange Strategy at UBS, “Investors follow IFO and purchasing managers' surveys in assessing Germany's business cycle, however neighboring countries' PMI data may give earlier signals for Germany's outlook. This is because Germany is Europe's largest export market.”
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The AUD/USD has been creeping lower off its maximums at 1.0481 during the US session. Since then the cross has managed to buoy itself positively, though has surrendered a part of its gains to trade at 1.0455/56 in these moments, still up +0.30% Tuesday.
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