US Dollar trims losses to 92.50 post-US ISM


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  • The index remains in the negative ground albeit above 92.00.
  • US 10-year yields bounce off lows and retake the 2.95% level.
  • US ISM Non-manufacturing came in below forecasts in April.

Tracked by the US Dollar Index (DXY), the buck remains on the defensive today and is reverting a 3-day positive streak although managing well to keep business above the critical 92.00 milestone.

US Dollar above ahead of Payrolls

The index is around the mid-92.00s in the wake of fresh releases in the US docket, where Factory Orders expanded at a monthly 1.6% in March, Durable Goods Orders rose 2.6% in the same period and Markit’s Services PMI advanced a tad to 54.6 for the month of April.

On the not so bright side, the Non-manufacturing gauge measured by the ISM missed estimates at 56.8 during last month.

Previously, Initial Claims rose by 211K WoW, bettering estimates while March’s trade deficit shrunk to $49 billion, also surprising to the upside.

In the meantime, the buck keeps the weekly upside unaltered, with yields of the US 10-year note off multi-year highs above the 3.0% level although finding some contention in the 2.94% neighborhood today.

Next of relevance in the US docket will be Non-farm Payrolls for the month of April, expected tomorrow.

US Dollar relevant levels

As of writing the index is losing 0.24% at 92.53 facing initial contention at 91.96 (200-day sma) seconded by 91.70 (50% Fibo of 95.15-88.25) and finally 91.59 (10-day sma). On the upside, a breakout of 92.83 (2018 high May 2) would open the door to 93.68 (78.6% Fibo of 95.15-88.25) and then 94.22 (high Dec.12 2017).

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