US Dollar off highs, stays firm near 92.30

The US Dollar Index, which gauges the buck vs. its main rivals, is receding from session tops near 92.40 to the current 92.30/25 band.

US Dollar up on EUR/USD losses

The index clinched fresh 3-day tops around 92.40 earlier in the session following an increasing selling bias in EUR/USD. In fact, EUR-sellers stepped in today following rising concerns over the likeliness of some political uncertainty in Germany in response to yesterday’s results at the elections.

In the US calendar, the Chicago Fed activity index dropped to -0.31 during August, missing expectations at -0.25.

Still in the US, NY Fed W.Dudley (permanent voter, centrist) said that fundamentals supporting the economic expansion are quite favourable and that the Fed will keep removing gradual policy accommodation.

On another direction, USD speculative net shorts rose to the highest level since early April 2014 in the week to September 19, as shown by the latest CFTC report.

Later in the session Chicago Fed C.Evans (voter, dovish) is also due to speak.

US Dollar relevant levels

As of writing the index is gaining 0.34% at 92.26 and a break above 92.69 (high Sep.20) would open the door to 93.20 (55-day sma) and then 94.03 (23.6% Fibo of the 2017 drop). On the other hand, the immediate support lines up at 92.14 (10-day sma) seconded by 91.61 (low Sep.20) and finally 91.01 (2017 low Sep.8).