US Dollar upside stalled ahead of 98.00, FOMC on sight

Pablo Piovano FXStreet

The US Dollar Index, which measures the buck vs. its main rivals, is extending its upside to the vicinity of the 98.00 handle on Wednesday, albeit losing momentum afterwards.

US Dollar attention to FOMC minutes

The index remains in the area of 7-month tops in the upper-97.00s for the time being, now eyeing March’s tops in the 98.60 area, as yields in the US money markets and expectations of a rate hike by the Fed in December continue to sustain the up move.

Data wise in the US docket, JOLTs Job Openings have missed estimates at 5.443 million during August, down from July’s 5.831 million.

Later in the NA session, the FOMC minutes are seen on the hawkish side, with markets closely following the statement and potential clues on the futures steps by the Federal Reserve towards policy normalization.

At his speech today, NY Fed W. Dudley said the Fed can be gentle when comes to removing policy accommodation, adding that discouraged workers keep re-entering the market and prompting the Fed to wait longer before hiking.

US Dollar relevant levels

The index is up 0.05% at 97.74 and a break 98.59 (high Mar.3) would open the door to 99.95 (high Jan.21) and the 100.60 (high Dec.3). On the downside, the initial support aligns at 95.99 (20-day sma) ahead of 95.61 (55-day sma) and finally 95.18 (support line off 2016 low).

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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