US Dollar consolidates gains near 99

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By Eren Sengezer

After starting the day with a bullish gap, the US Dollar Index, which tracks the greenback against a basket of six trade-weighted peers, closed that gap in the first few trading hours of the week and found support in 98.50 neighborhood. For the rest of the day, the index was able to record consistent gains and reached its session high at 99.05.

The index has been consolidating its gains in the last couple of hours amid a lack of fresh fundamental catalysts and was at 98.95 at the time of writing, up 0.53% on the day. The greenback upsurge against its competitors has been fueled by the investors’ reaction to Macron’s victory in the final round of French presidential election, as they sold the fact after pricing the odds of him winning for the past two weeks. Also supporting that view, the latest CFTC report revealed that the net long USD positions fell for the second time in a row last week while the EUR longs continued to rise.

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