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The greenback – measured by the US Dollar Index – seems to have found some support in the low-97.00s for the time being, currently up smalls around 97.20/25.
US Dollar attention to NFP, Fedspeak
The index is so far posting gains for the first time after three consecutive daily pullbacks, reverting part of the strong advance to fresh 9-month tops just above the 99.00 handle seen in late October.
Uncertainty and rising effervescence in the US political arena ahead of the presidential elections continue to be the exclusive drivers behind the recent and sharp decline in the buck, relegating the likeliness of a rate hike by the Federal Reserve to a secondary role, as market participants seem to have already priced in higher rates by end of 2016.
Ahead in the day, the focus will stay on USD in light of the publication of US Non-farm Payrolls for the month of October, with consensus pointing to a creation of 175K jobs during last month.
In addition, speeches by Atlanta Fed D.Lockhart (2018 voter, centrist), L.Brainard (permanent voter, dovish), Dallas Fed R. Kaplan (2017 voter, neutral), Minneapolis Fed N.Kashkari (2017 voter, neutral) and S.Fischer (permanent voter, hawkish) should keep the attention around USD throughout the day, particularly after the recent decision by the FOMC to stay on hold and extend its ‘data-dependent’ stance albeit the case for higher rates ‘has continued to strengthen’.
US Dollar relevant levels
The index is gaining 0.02% at 97.21 and a surpass of 99.09 (high Oct.25) would open the door to 99.95 (high Jan.21) and then 100.60 (high Dec.3). On the flip side, the immediate support aligns at 97.07 (low Nov.3) followed by 96.41 (55-day sma) and finally 95.58 (6-month support line).
To learn more about this topic, check our video analysis.
