US Dollar pushes higher to 93.50

DXY tests session tops near 93.50.
ADP report came in at 190K, in line with consensus.
US 10-year yields around 2.32%, 4-day lows.

Pablo Piovano FXStreet

Tracked by the US Dollar Index (DXY), the buck is now gathering extra pace and is now visiting the mid-93.00s, or fresh session tops.

US Dollar up despite lower yields

The index is extending the upside for the third straight session this week and is trading on a firm note around 93.50 despite yields of the US 10-year reference keep navigating the area of 4-day lows around 2.32%.

In the US data space, the US private sector added 190K jobs during last month, in line with previous forecasts. Additionally, unit labor costs contracted 0.3% QoQ during the July-September period and nonfarm productivity rose 3.0% inter-quarter, both prints coming in below initial estimates.

Attention around the buck is poised to gyrate around developments from the US tax reform bill and the debt ceiling, which deadline is on December 8.

US Dollar relevant levels

As of writing the index is up 0.16% at 93.46 and a break above 93.50 (high Nov.30) would open the door to 94.03 (23.6% Fibo of 2017 drop) and finally 94.16 (high Nov.17). On the flip side, the next support emerges at 93.04 (low Dec.5) seconded by 92.60 (low Dec.1) and then 92.50 (low Nov.27).

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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