US Dollar clings to gains near 101.30

The greenback, in terms of the US Dollar Index (DXY) keeps the positive territory so far today, currently hovering over the 101.30/35 band.

US Dollar surrenders gains despite upbeat data

The index has come under some selling pressure despite Consumer Confidence tracked by the Conference Board exceeded expectations for the current month, up to 107.1 vs. 101.2 forecasted and October’s 100.8 (revised from 98.6).

Previously, advanced GDP figures also showed encouraging results, showing the economy is expected to expand at an annualized 3.2% during the third quarter, all adding extra support to the already healthy recovery in the US economy.

On the less bright side, house prices tracked by the S&P/Case-Shiller Index rose 5.1% on a year to September, a tad below consensus (5.2%).

In the meantime, the underlying constructive outlook around USD stays well and sound for the time being, always backed by the most likely rate hike by the Federal Reserve next month and rising speculations of higher inflation derived from looser fiscal policy under the Trump’s presidency.

Later in the NA session, J.Powell (permanent voter, neutral) is due to speak, closing the US calendar for the day.

Further news around the buck noted USD longs have climbed to the highest level since the summer 2015 above 72K contracts, while net longs have increased to 3-week tops during the week ended on November 22 and according to the latest CFTC report.

US Dollar relevant levels

The index is up 0.02% at 101.23 facing the next hurdle at 102.19 (monthly high Apr.2003) ahead of 102.68 (monthly high March 2003). On the other hand, a break below 100.64 (low Nov.25) would open the door to 99.38 (low Nov.14) and finally 99.84 (20-day sma).