The greenback, tracked by the US Dollar Index, has resumed its upside today, climbing to fresh highs in the mid-95.00s following US releases.
US Dollar challenges 2-month highs
The index is thus managing to close its fourth consecutive week with gains today, including a test of 2-month tops in the vicinity of 95.70 registered on Wednesday.
USD gained further traction despite US GDP has come in a tad lower than initial forecasts for the first quarter, while Consumer Sentiment tracked by the Reuters/Michigan index have also followed suit for the current month. Despite missing expectations, both results represent moderate improvements vs. previous readings, adding extra legs to the buck.
Ahead in the session, market participants will remain cautious in light of the speech by Chair Janet Yellen and her potential views on a probable rate hike next month.
US Dollar relevant levels
The index is gaining 0.37% at 95.52 and a break above 95.66 (high May 25) would target 96.12 (100-day sma) en route to 96.42 (high Mar.28). On the flip side, the next support aligns at 95.11 (low May 23) followed by 94.73 (55-day sma) and then 94.44 (20-day sma).
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