US Dollar firmer below 98.00 ahead of Yellen

The US Dollar Index, which tracks the dollar vs. its main rivals, remains on the positive note at the end of the week, hovering over 97.90 ahead of Yellen’s speech.

US Dollar bid after data

The index kept the area of daily highs after US Retail Sales have expanded 0.6% on a monthly basis during September, matching initial estimates. In addition, Sales excluding the Autos sector have surprised markets to the upside, rising 0.5% inter-month.

Further data saw Producer Prices rising above forecasts 0.3% inter-month and 0.7% on a year to September.

In the meantime, DXY remains on its way to close its third week with gains, including multi-month tops above the 98.00 handle, and always backed by rising expectations of a Fed move by end of 2016.

At the Boston Fed Conference, Eric Rosengren said the balance sheet composition could be modified in order to steepen the curve after suggesting that low bond yields are reflecting the absence of confidence in growth. Chair Janet Yellen is also due to speak later at the Boston Conference.

US Dollar relevant levels

The index is advancing 0.33% at 97.84 and a break above 98.59 (high Mar.3) would open the door to 99.95 (high Jan.21) and the 100.60 (high Dec.3). On the downside, the initial support aligns at 97.47 (low Oct.12) ahead of 96.21 (20-day sma) and finally 95.23 (support line off 2016 low).


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