US Dollar steady near 93.30 ahead of ADP

DXY trades in a tight range near 93.30.
US 10-year yields weaker around 2.34%.
ADP report expects at 185K in November.

Pablo Piovano FXStreet

The US Dollar Index (DXY) is struggling for direction on Wednesday and is currently navigating a narrow range in the 93.25/30 band.

US Dollar now looks to ADP

The index, which tracks the buck vs. a basket of its main rivals, is now looking to extend the positive start of the week, while at the same time it shows some lack of conviction to chase higher levels, namely recent peaks near 93.50.

In fact, the absence of relevant catalysts in the USD context leaves the buck to the mercy of headlines from the US political arena, particularly developments around the US tax reform bill.

USD is showing some signs of vulnerability following the moderate drop in yields of the key US 10-year reference, which are currently breaking below the critical 2.34% support.

Later in the session, US ADP report is expected to come in at 185K for the month of November, while the EIA will also publish its weekly report on US crude oil stockpiles.

US Dollar relevant levels

As of writing the index is up 0.01% at 93.31 and a break above 93.48 (high Dec.5) 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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