US Dollar bid around 93.20, Jackson Hole on sight
|Tracked by the US Dollar Index (DXY), the greenback is posting decent gains around 93.20/30 early in the European session on Thursday.
US Dollar attention to Jackson Hole, Trump
Choppy week for the buck so far, although it manages quite well to keep business above the key 93.00 handle for the time being.
The index is reverting yesterday’s losses following President Trump’s comments on the border wall (with Mexico) and the likeliness that US could abandon the NAFTA, somewhat eclipsing Tuesday’s news that the administration would be making significant progress on the long-waited tax reforms.
In the meantime, the Jackson Hole Symposium should keep investors entertained later today and tomorrow, with the salient points being the speeches by Mario Draghi and Janet Yellen (both scheduled for tomorrow).
In the US data space, the usual weekly report on the labour market is due along with July’s existing home sales.
US Dollar relevant levels
As of writing the index is gaining 0.09% at 93.22 and a breakout of 94.14 (high Aug.16) would aim for 95.00 (55-day sma) and finally 95.21 (23.6% Fibo of the 2017 drop). On the flip side, the next support emerges at 93.00 (low Aug.21) seconded by 92.93 (low Aug.11) and then 92.55 (2017 low Aug.2).
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