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Dollar Index nears 100.00 as CPI and Fed expectations drive sentiment

The DXY was around 99.8 to 99.9 and key resistance sits at 100.00, while investors look to Wednesday's US CPI for clues on the Fed's rate path.

Reported · Written up by our desk · Major Pairs

The US Dollar Index (DXY), which tracks the greenback against a basket of six major currencies, rose for a second straight day, trading around 99.85 ahead of the US session.

FXStreet attributed the firming tone to lingering concerns about stalled US-Iran negotiations and hawkish signals from the Federal Reserve that keep September rate-hike expectations alive.

Attention is also on Wednesday's US Consumer Prices Index report, seen as likely to clarify the Fed's rate trajectory and influence near-term direction for dollar crosses.

On the technical side, the DXY is nearing the 100.00 level, described as the neckline of a Double Top pattern just above 99.40. A break above 100.00 would be needed to confirm a deeper move, with support cited near 99.40 and then around 99.15.

Latest closeDollar index 99.81 ▲0.2%

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