FXStreet (Edinburgh) - The US Dollar Index, which gauges the greenback vs. its main rivals, has recovered the 99.00 handle after bottoming out near 98.60.
US Dollar stronger on data, Fed
The greenback has managed to come back from session lows in the 98.60 area posted in early trade, bolstered by mixed releases in the US docket. In fact, US headline Retail Sales have missed forecasts during the last month, while November’s Consumer Sentiment tracked by the Reuters/Michigan index has surprised markets to the upside, 93.1 vs. 91.5 expected.
In addition, and despite today’s results in the US economy, the probability of a rate hike by the Fed in December remain firm around 70%, adding further legs to the dollar.
US Dollar significant levels
As of writing the US Dollar Index is up 0.49% at 99.05 with the next hurdle at 99.50 (high Nov.10) followed by 100.00 (psychological level) and finally 100.38 (2015 high Mar.13). On the other hand, a drop below 98.3 (76.4% Fibo of 93.83-99.60) would aim for 97.39 (61.8% Fibo of 93.83-99.60) and then 96.41 (200-day sma).
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