DXY pushes higher and clinches new yearly highs near 99.50. Renewed concerns around the Chinese coronavirus support the dollar. NY Empire State index came in above expectations in February. The US Dollar Index (DXY), which tracks the greenback vs. a basket of its main competitors, is trading on a firmer footing and printing new peaks in the mid-99.00s on Tuesday. US Dollar Index stronger on risk-off mood, EUR-selling The index has picked up extra pace in the first half of the week and printed new highs in the vicinity of 99.50, levels last seen in October 2019. The rally in the buck thus remains unaltered despite current overbought levels (RSI around 75.0) and after posting gains in ten out of the last twelve sessions (up more than 2% in February). Positive results from the US fundamentals, renewed risk-off sentiment on the back of the fast-spreading COVID-19 in China and, mainly, the exacerbated weakness around the euro have all been sustaining the sharp advance of DXY so far this month. On Tuesday’s docket, the NY Empire State manufacturing index surprised to the upside in February, improving to 12.9 from January’s 4.80 and forecasts at 5.00. Later in the NA session, the NAHB index is due along with December’s TIC Flows. What to look for around USD The index has extended the march north to new 2020 highs near 99.50 on Tuesday, keeping the bid bias unaltered for the time being. Investors are expected to keep looking to the performance of US fundamentals and the broader risk appetite trends for direction as well as any fresh developments from the COVID-19. In the meantime, the outlook on the dollar remains constructive and bolstered by the current “appropriate” monetary stance from the Fed vs. the broad-based dovish view from its G10 peers, the “good shape” of the domestic economy, the buck’s safe haven appeal and its status of “global reserve currency”. US Dollar Index relevant levels At the moment, the index is gaining 0.25% at 99.39 and a breakout of 99.47 (2020 high Feb.18) would aim for 99.67 (2019 high Oct.1) and finally 100.00 (psychological barrier). On the flip side, immediate contention emerges at 98.80 (23.6% Fibo retracement of the February rally) seconded by 98.54 (monthly high Nov.29 2019) and then 98.30 (21-day SMA). FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Fitch: Coronavirus adds additional risks to US technology sector’s China-centric supply chains FX Street 2 years DXY pushes higher and clinches new yearly highs near 99.50. Renewed concerns around the Chinese coronavirus support the dollar. NY Empire State index came in above expectations in February. The US Dollar Index (DXY), which tracks the greenback vs. a basket of its main competitors, is trading on a firmer footing and printing new peaks in the mid-99.00s on Tuesday. US Dollar Index stronger on risk-off mood, EUR-selling The index has picked up extra pace in the first half of the week and printed new highs in the vicinity of 99.50, levels last seen in October 2019. The rally in… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.