US Dollar up smalls, still below 100.00

The greenback – tracked by the US Dollar Index – is finally seeing some light at the end of the tunnel, now advancing marginally to the 99.65/70 band.

US Dollar bolstered by Fedspeak, looks to data

After finding some decent support near 99.50, the index appears to ha regained buying interest and is now flirting with daily highs near 99.70, still well below the psychological 100.00 barrier.

USD stays supported by recent Fedspeak, as FOMC members L.Mester, E.George and P.Harker defended on Tuesday the recent rate hike and showed confidence in the current recovery track.

Fed speakers have also advocated for two more rate hikes this year (in line with previous projections) while Harker slipped the chance of even a fourth rate hike if the economy stays firm.

Later in the NA session, Existing Home Sales are due in a very light US docket, followed by the DoE’s weekly report on crude oil stockpiles.

US Dollar relevant levels

The index is gaining 0.11% at 99.66 facing the next up barrier at 99.85 (78.6% Fibo of the February-March up move) ahead of 100.27 (high Mar.20) and then 100.88 (55-day sma). On the slip side, a breakdown of 99.46 (low Mar.21) would aim for 99.19 (2017 low Feb.2) and finally 96.94 (low Nov.4 2016).