US Dollar approaches 98.00 post-US data
By FXStreet The greenback is extending its advance vs. its main rivals at the end of the week, sending the US Dollar Index to fresh highs in the 98.00 neighbourhood.
US Dollar stronger on US releases
The index is trading in fresh 2-week highs near the 98.00 handle boosted by better-than-expected US results.
Starting with Q4 GDP, figures showed the economy has expanded 1.0%, while Personal Income and Spending have risen 0.5% during January vs. 0.4% and 0.3% initially forecasted, respectively.
Later results saw consumer confidence tracked by the Reuters/Michigan index coming in at 91.7 for the current month, up from January’s 90.7.
USD is therefore finishing the second week in a row with gains, reverting February’s pullback to the 95.30 area and keeping a firm note in light of next week’s critical Payrolls.
US Dollar relevant levels
The index is up 0.49% at 97.92 facing the next hurdle at 98.16 (61.8% Fibo of 99.95-95.28) ahead of 98.85 (76.4% Fibo of 99.95-95.28) and finally 99.95 (high Jan.21). On the other hand, a breach of 96.88 (20-day sma) would target 97.06 (38.2% Fibo of 99.95-95.28) en route to 95.28 (low Feb.11).
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Source:: FX Street
