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Forex: US Dollar Index consolidates above 83.00

FXstreet.com (Barcelona) - The greenback, tracked by the US Dollar Index, is inching higher on Monday, extending its rally well beyond the 83.00 figure, as risk aversion still dominates the sentiment.

In the data front, US retail sales surprised investors expanding 0.1% on a monthly basis during April, leaving behind the median at -0.3% and March’s 0.5% contraction.

According to the CFTC COT last report, Strategist Jan Foley at Rabobank commented, “USD longs have now dropped back to levels not seen since early March. Insofar as positions are no longer extraordinarily long, good US economic news may lend more pronounced support to the greenback”.

As of writing, the index is up 0.57% at 83.34 and according to tradingcentral.com, the next resistance levels align at 83.50, 83.70 and 84.00; while support levels are located at 82.85, 82.65 and 82.40.

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