US Dollar pushes higher above 99.00, multi-month tops

The US Dollar Index, which tracks the buck vs. its main competitors, is posting fresh multi-month peaks beyond the 99.00 handle.

US Dollar surpasses 99.00

The index is sharply higher across the board today, managing to gather extra steam and break above the critical 99.00 barrier after a brief consolidation between 97.00 and 98.00 seen during last week.

In the US data space, the S&P/Case-Shiller index and the IBD/TIPP index have come in above consensus, although the more relevant Consumer Confidence tracked by the Conference Board has dropped more than initially forecasted for the month of October.

Supporting further the buck, CME Group’s FedWatch tool now sees the probability of a rate hike by the Fed in December at above 71%, based on Fed Funds future prices.

US Dollar relevant levels

The index is up 0.33% at 99.09 and a breakout of 99.95 (2016 high Jan.21) would open the door to 100.38 (high Mar.13 2015) and finally 100.60 (high Dec.3 2015). On the flip side, the next support lines up at 97.47 (low Oct.12) followed by 97.19 (20-day sma) and finally 95.82 (200-day sma).