US Dollar turns positive near 98.00

The US Dollar Index, which tracks the buck vs. its main rivals, has regained upside momentum and is now approaching the 98.00 handle.

US Dollar bid after CPI figures

The index has revisited the positive territory after US inflation figures gauged by the CPI rose at an annual pace of 1.5%, matching consensus. However, Core consumer prices, which exclude Food and Energy costs, rose 2.2% YoY, a tad lower than prior surveys.

Later in the session, the NAHB index is due followed by TIC Flows and the API’s weekly report on US crude oil stockpiles.

In the meantime, USD has managed to revert the earlier drop to the 97.60 area, retaking the boundaries of the 98.00 handle and turning positive for the day.

In addition, USD speculative net longs have increased to the highest level since June 14 during the week ended on October 11, according to the latest CFTC report.

US Dollar relevant levels

The index is up 0.01% at 97.92 and a break above 98.59 (high Mar.3) would aim for 99.95 (high Jan.21) and then 100.60 (high Dec.3). On the other hand, the next support aligns at 97.47 (low Oct.12) followed by 96.40 (20-day sma) and finally 95.88 (200-day sma).

 

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