US Dollar Index firmer above 96.00 ahead of ADP, ISM

Pablo Piovano FXStreet

The US Dollar Index, which tracks the buck vs. a basket of its main rival currencies, is posting decent gains so far and looking to extend the move further north of the 96.00 handle on amore sustainable basis.

US Dollar attention to ADP, ISM

The index keeps the rally well and sound so far today, advancing slowly but relentlessly since Friday and looking to break above the critical 96.00 mark on a more convincing fashion.

USD stayed unchanged following yesterday’s FOMC minutes, where the Committee’s view point to the Fed starting to reduce its balance sheet at some point later this year, with the September meeting acting as a preferred candidate according to market consensus.

Looking ahead, the US calendar appears more interesting today with the ADP report, ISM non manufacturing and the EIA’s weekly report all due later. In addition, President D.Trump is expected to give a speech, which is always a potential source of volatility around the buck.

US Dollar relevant levels

The index is gaining 0.07% at 96.04 with the next up barrier at above 96.25 (high Jul.5) seconded by 96.32 (high Jun.28) and then 96.65 (21-day sma). On the other hand, a breach of 95.22 (2017 low Jun.30) would target 94.95 (low Sep.22 2016) en route to 94.05 (low Aug.18 2016).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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