US Dollar clings to gains near 101.00

The greenback – measured by the US Dollar Index – is alternating gains with losses on Tuesday, looking to stay close to the critical 101.00 barrier.

US Dollar steady after Yellen

The index keeps navigating a tight range during the first half of the week, coming down after being rejected from yesterday’s tops in the 101.20/25 band.

USD finished Monday’s session in the red territory despite Chief J.Yellen reinforced the view of gradual tightening by the Fed in the next months.

Yields in the US money markets stay on the defensive so far today, removing some tailwinds from the buck and leaving yesterday’s top near 101.20 as an interim target in the very near term.

Nothing worth mentioning data wise in the US today, with only the NFIB’s index and JOLTs Job Openings for the month of February due for release. In addition, Minneapolis Fed N.Kashkari (voter, dovish) is due to speak later in the NA session.

US Dollar relevant levels

The index is up 0.01% at 100.95 facing the initial support at 100.63 (55-day sma) followed by 100.46 (50% Fibo of the March drop) and finally 100.15 (20-days sma). On the other hand, a break above 101.22 (high Apr.10) would aim for 101.48 (78.6% Fibo of the March drop) and then 101.66 (high Mar.14).