US Dollar prints highs near 95.50 on US data

Pablo Piovano FXStreet

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).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.