US Dollar finds resistance around 101.00

The greenback – tracked by the US Dollar Index – has extended its upside to the boundaries of 101.00 the figure on Monday, although giving away some gains afterwards.

US Dollar in multi-day lows

The index keeps the solid performance so far today, finding extra support following last week’s troughs in the 99.80/77 band while markets have already left behind the lower-than-expected Q4 GDP figures published on Friday.

Today’s US data releases saw Personal Spending expanding more than expected in December, while Personal Income rose less than estimated. In addition, inflation tracked by the PCE (Fed’s preferred gauge) rose 1.6% YoY and Core PCE rose 1.7% over the last twelve months.

Next on tap in the US calendar will be Pending Home Sales, with consensus expecting a monthly 1.1% gain.

The recent leg lower in the buck has been reflected on the positioning front, with USD speculative net longs receding to levels last seen in mid-November on the week to January 24, as shown by the latest CFTC report.

US Dollar relevant levels

The index is now gaining 0.19% at 100.75 and a break above 101.01 (high Jan.30) would open the door to 101.22 (20-day sma) and finally 101.45 (55-day sma). On the other hand, the next support is located at 100.14 (low Jan.30) ahead of 99.77 (low Jan.26) and then 99.49 (low Dec.8).