US Dollar clinches highs at 96.00 on data

The US Dollar Index, which measures the buck vs. its main rivals, has accelerated its upside momentum today to levels above the critical 96.00 barrier.

US Dollar boosted by US results

The index gathered extra steam after US Consumer Confidence gauged by the Conference Board has surprised markets to the upside today, rising to 101.0 for the current month vs. 97.0 expected. The reading represents an 11-month high.

The results add to yesterday’s higher-than-expected inflation figures tracked by the PCE for the month of July, all adding further legs to the ongoing USD-rally.

In the meantime, USD has climbed to fresh 3-week highs just above the 96.00 mark, propped up by data and speculations on a potential rate hike by the Fed in the next months (September’s probability stays at 21%, December at 43.5%).

US Dollar relevant levels

The index is up 0.35% at 95.91 with the next hurdle at 96.35 (200-day sma) ahead of 96.50 (high Aug.5) and finally 96.86 (high Jun.27). On the other hand, a breakdown of 95.26 (20-day sma) would aim for 95.14 (100-day sma) and then 94.05 (low Aug.18).