US Dollar stays firm near 93.50
|The upbeat sentiment stays unchanged around the greenback so far this week, with the US Dollar Index posting moderate gains in the mid-93.00s.
US Dollar looks to US yields
The index keeps the bullish note during the first half of the week, propped up by the continuation of the up move in yields of the US 10-year reference, which managed to regain the 2.35% level despite softer data from the US housing sector.
Furthermore, earlier comments by FOMC’s Dudley and Kaplan left intact the likelihood of extra tightening by the Federal Reserve at some point in Q4. Currently, the probability of higher rates by year-end is at almost 92% according to CME Group’s FedWatch tool.
Additionally, Atlanta Fed’s GDPNow sees the economy expanding at an annualized 2.7% during the third quarter, unchanged from the previous week.
Ahead in the session and closing the US docket, the Fed will publish its Beige Book.
US Dollar relevant levels
As of writing the index is gaining 0.09% at 93.44 and a break above 94.03 (23.6% Fibo of the 2017 drop) would expose 94.27 (high Oct.6) and finally 95.90 (38.2% Fibo of the 2017 drop). On the downside, the immediate support lines up at 93.10 (21-day sma) seconded by 92.92 (55-day sma) and then 92.75 (low Oct.13).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.