The greenback – tracked by the US Dollar Index – is trading on firm note vs. its peers on Monday around the 99.85/90 band.
US Dollar supported near 99.60
The index has reverted the initial negative tone, finding quite decent support around the 100-day sma in the 99.60 area for the time being.
USD is advancing for the fourth consecutive session so far, attempting to regain the critical barrier at 100.00 the figure while recent unsuccessful attempts to extend the sell off seem to add to the view that a low is in place just above the 99.00 limestone.
In the meantime, market participants seem to have digested the mixed results from Friday’s Payrolls, with the economy creating more jobs than expected in January although wage growth seems to have run out some momentum.
Expectations of a rate hike in the near term appear somewhat mitigated following the recent labour market report, carrying the potential to weigh on the buck in he near term along with ‘Trumponomics’.
From the positioning perspective, USD speculative net longs have been trimmed further during the week ended on January 31, as per the latest CFTC report.
Ahead in the NA session, the Fed’s Labor Market Conditions Index and the speech by Philly Fed P.Harker (voter, hawkish) will be the sole events in the US docket.
US Dollar relevant levels
The index is gaining 0.26% at 99.95 facing the next resistance at 100.06 (high Feb.1) ahead of 100.42 (high Jan.31) and finally 101.02 (high Jan.30). On the other hand, a breach of 99.19 (low Feb.2) would open the door to 98.92 (61.8% Fibo of the Nov-Jan. up move) and then 96.94 (low Nov.4).
You may be interested
Buy Bitcoins in Europe With Bitmoney.euBrian Evans - Aug 10, 2017
Want to purchase bitcoins? Look no further! Buying bitcoins has never been easier, with Bitmoney.eu. Bitmoney.eu makes the process of buying Bitcoin easy and efficient, saving customers…
Goldman Sachs: ‘Real Dollars Are at Work’ in Cryptocurrency MarketsBrian Evans - Aug 10, 2017
Goldman Sachs has published a question-and-answer report focused on cryptocurrencies in which it suggests that clients should be keeping a closer eye on the market. According to…
Bitcoin’s Present Bubble Might Actually be the Beginning of Mainstream AdoptionBrian Evans - Aug 09, 2017
Bitcoin’s enthusiasts are torn between whether to celebrate Bitcoin’s arrival in the foothills of mass adoption, or to lament the upcoming burst that always happens with asset…