US Dollar reaches fresh tops near 103.80

The positive results from the US ISM Manufacturing have lifted the greenback to fresh tops near 103.80 when gauged by the US Dollar Index (DXY).

US Dollar stronger on solid ISM

The buck clinched fresh 15-year highs near 103.80 after US ISM Manufacturing has beaten expectations during December, coming in at 54.7 vs. 53.5 forecasted. The results added to the already upbeat reading from Markit’s manufacturing PMI, also surpassing estimates.

Further results from the US calendar saw Construction Spending expanding more than expected 0.9% on a year to December, adding to USD buying pressure.

Somewhat capping the upside in DXY, USD speculative net longs remained around 2-week lows during the week ended on December 27, as shown by the latest CFTC report.

US Dollar relevant levels

The index is gaining 1.24% at 103.64 and a breakout of 103.82 (high Jan.3) would aim for 107.38 (monthly high Dec.2002) and finally 109.25 (monthly high Aug.2002). On the flip side, the immediate support aligns at 102.62 (low Jan.3) followed by 102.18 (20-day sma) and then 101.95 (low Dec.30).