Gold Silver Reports – US Dollar Retakes 90.00 and Above on US Data, Kiss 2-week tops — The greenback, in terms of the US Dollar Index (DXY), has regained the psychological handle at 90.00 the figure following Powell’s testimony and US data.
US Dollar in multi-high peaks
The index is advancing further north of the 90.00 mark on Tuesday after US consumer confidence tracked by the Conference Board came in at 130.8 for the month of February, the highest level since November 2000.
In addition, the up move in the buck has been sustained by the recent testimony by Fed’s Jerome Powell, who stressed the strong economic outlook and reinforced the view of gradual tightening in the next months.
Previously in the US calendar, January’s trade deficit widened more than previously estimated and Durable Goods Orders also came in below expectations.
In the meantime, DXY has reverted Monday’s pullback and is now posting gains for the second week in a row, although the sustainability of the current breakout of 90.00 the figure remains to be seen
US Dollar relevant levels
As of writing the index is up 0.41% at 90.20 with the next hurdle at 90.57 (high Feb.8) followed by 91.00 (high Jan.18) and finally 92.64 (2018 high Jan.9). On the other hand, a breakdown of 89.59 (21-day sma) would aim for 89.51 (low Feb.26) and then 88.44 (low Jan.26). – Goldman Neal Bhai Reports