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USD index extends recovery

AMEX:USD   PROSHARES TRUST
The dollar has finally left behind the recent dovish shift in the Fed’s tone. It looks like that traders have digested an updated message from the central bank and now shift focus to the incoming economic data from the US. 

The greenback receives some support from this front. Friday’s US jobs report exceeded expectations strongly, confirming the solid state of the labor market. Meanwhile, the ISM manufacturing index rebounded last month from a decline in December that was temporary. 

A spectacular rebound in the 10-year US Treasury yields adds to the upside pressure on the buck. The yields registered multi-day peaks and rises for a third straight day. 

As such, the USD index is trading higher for a fifth day in a row and approaching the critical 96.00 figure on Tuesday. A chance of a break above this level will depend on fresh economic data but traders should remain vigilant on new signals from the Federal Reserve and the US economy.

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