News

US Dollar off highs, still bid around 93.60

  • DXY’s upside stalled just below 93.70.
  • USD recovery remains firm.
  • Second-tier releases expected today in US docket.

The greenback, when tracked by the US Dollar Index, is prolonging the upbeat momentum and managed to climb to fresh tops around 93.70, just to ease some pips afterewards.

US Dollar attention to data, US politics

The index is up for the third consecutive session so far today and is extending the rebound to the 93.60/70 band, or fresh 2-week peaks.

The resurgence of the demand for the greenback has been in tandem with rising optimism that the US tax reform could be implemented by year-end, particularly after the Senate passed the bill earlier in the week.

In this regard, a poll by news agency Reuters noted the buck should be benefited from tax cuts next year.

Later in the session, challenger job cuts for the month of November are due later seconded by the weekly report on initial claims.

US Dollar relevant levels

As of writing the index is gaining 0.06% at 93.62 and a break above 93.68 (high Dec.7) would open the door to 94.03 (23.6% Fibo of 2017 drop) and finally 94.17 (high Nov.21). On the flip side, the next support emerges at 92.50 (low Nov.30) seconded by 91.78 (low Sep.22) and then 91.53 (low Sep.20).