US Dollar Index flat around 103.00

The US dollar is about to end Tuesday with minor changes across the board as it continues to trade in holiday mode. The US Dollar Index moved all day sideways around 103.00, and finished practically unchanged. 

The DXY peaked at 103.10 during the Asian session and bottomed at 102.90.  As it has been the case since last Wednesday, it continues to move around 103.00,  consolidating near 14-year highs. 

Among currencies, on Tuesday the worst performers were the Canadian dollar, the Mexican peso, and the yen. The Japanese currency weakened as US bond yields and equity prices moved to the upside. 

The US 10-year yield rose modestly to 2.576% while the Dow Jones was up 0.10% and the Nasdaq 0.53%. Gold was gaining 0.60%, the value of the ounce reached $1150 but then pulled back toward $1140. Activity across financial markets remains quiet. 

Levels to watch

The dominant trend continues to favor the upside in the Dollar Index but in the short-term, the index is consolidating. To the upside, resistance might be seen at 103.15/20 (Dec 21 &23 high), 103.55/60 (Dec 20 high) and 104.00 (psychological). On the downside, support levels might lie at 102.50/55 (Dec 22 low), 102.45 (Dec 19 low) and 102.00 (psychological).