US Dollar leaps to highs above 101.00

The greenback, tracked by the US Dollar Index (DXY) has quickly reverted the initial negative fashion and is now testing daily highs above the 101.00 handle.

US Dollar bid after data

A bout of buying interest pushed the index back above the 101.00 mark during the NA session, now trading at shouting distance from 2016 tops around 101.50 recorded on Friday.

USD gathered traction after US Existing Home Sales and the Richmond Fed Manufacturing Index have both surpassed initial estimates, extending the bounce off earlier lows near 100.70.

Looking ahead, the FOMC minutes will grab all the attention tomorrow, while expectations of a Fed’s move by end of 2016 remain the exclusive driver behind the dollar’s rally.

US Dollar relevant levels

The index is up 0.19% at 101.24 and a break above 101.54 (2016 high Nov.18) would open the door to 102.19 (monthly high Apr.2003) and then 102.68 (monthly high March 2003). On the other hand, the initial support lines up at 100.66 (low Nov.22) followed by 99.38 (low Nov.14) and finally 99.03 (20-day sma).

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