Credit: Session highs for the US dollar
The US dollar index is trading at a 14-year high after strong ISM manufacturing and construction spending data.
The dollar had already been trading near the best levels of the day but had been consolidating for a few hours as the December lows in EUR/USD provided support.
But a strong start in stock markets and more signs of a pickup in spending and confidence following the election led to renewed rip in the dollar.
The levels to watch now are the December low in GBP/USD at 1.2195 (spot at 1.2216) and the December high of 118.66 in USD/JPY (spot at 118.41). If those give out, look for another quick round of US dollar buying.
Here is another reason whyJanuary is no time for a US dollar bull market to end .
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
