US Dollar in 4-month highs above 97.00

The greenback, tracked by the US Dollar Index, has managed to retake the 97.00 handle and print fresh multi-month tops following US data.

US Dollar stronger on sentiment, data

The index met further upside pressure after US Housing Starts rose nearly 5% to 1.189M units during June and Building Permits rose 1.5% to 1.153M units during the same period, both readings surpassing initial forecasts.

USD is thus advancing through the 97.00 barrier to post fresh 4-month peaks in the wake of the release, at the same time opening the door for a visit of March’s top near 98.60.

US Dollar relevant levels

The index is gaining 0.58% at 97.12 and a breakout of 98.58 (high Mar.1) would aim for 99.95 (2016 high Jan.21) and finally 100.60 (2015 high Dec.3). On the flip side, the next support aligns at 96.00 (20-day sma) followed by 95.38 (low Jul.5) and then 95.10 (55-day sma).