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29 May 2018

US Dollar moves to fresh YTD peaks above 94.50

  • The index climbs to test the mid-94.00s on Tuesday.
  • US 10-year yields extend the leg lower below the 2.90% level.
  • CB’s Consumer Confidence next of relevance in the US docket.

Tracked by the US Dollar Index (DXY), the greenback is now gathering upside momentum and advances to fresh multi-month tops beyond 94.50.

US Dollar in fresh 2018 highs

The USD rally stays everything but abated so far today, moving to the area of fresh tops in the 94.50/60 band, levels last visited in early November 2017.

Adding to the upbeat mood around the buck, Italian politics keeps weighing on the single currency and forces EUR/USD to break below the critical 1.1600 support, recording at the same time new multi-month troughs.

The rally in the greenback comes despite the continuation of the down move in yields of the US10-year note below the 3.0% level, currently dropping to the 2.98% neighbourhood.

Additionally, the Trump-Kim Jong meeting next month has regained traction while negotiations continue on the US-China trade front.

In the data space, the Conference Board will publish its Consumer Confidence gauge later in the NA session, seconded by house prices tracked by the S&P/Case-Shiller index for the month of March.

US Dollar relevant levels

As of writing the index is gaining 0.11% at 94.52 facing the next resistance at 94.57 (2018 high May 29) followed by 95.15 (monthly highs Oct/Nov. 2017) and finally 96.51 (high Jul.4 2017). On the flip side, a breakdown of 93.87 (10-day sma) would target 93.30 (low May 21) en route to 93.26 (21-day sma).

May 29, 2018

EUR/USD headed to 1.1554 - Nov 2017 low amid Italian woes

The EUR/USD pair came under aggressive selling pressure last hour and went to hit the lowest levels since November 2017 at 1.1586, as the rout in the
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May 29, 2018

Fed’s Bullard: Hard for US rates to get too far out of line with global situation

St. Louis Fed President Bullard is still on the wires, as he continues to speak to reporters in Tokyo. Further Headlines: Fed has tools to handle ne
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