DXY bulls target 100.00 breakout as US CPI data looms

The US Dollar Index continued to edge higher on Wednesday, marking the third consecutive session of gains. The index, which measures the greenback against a basket of major currencies, is hovering just below the key 100.00 level.

The move lacks strong bullish conviction, however, with traders hesitant to break above the psychological barrier. All eyes are now on the upcoming US Consumer Price Index (CPI) report.

A hotter-than-expected inflation print could give the dollar the fuel needed to finally clear 100.00, while a softer reading may quickly reverse the positive bias.