US Dollar rebounds further on upbeat ISM, looks to Yellen
The US Dollar Index (DXY) keeps trimming its earlier losses and is now hovering over the 93.30/35 band in the wake of US data releases.
US Dollar bid on data, looks to Yellen
The index stays on recovery-mode after US ISM non-manufacturing surprised investors to the upside in September, advancing to 59.8 vs. 55.5 expected and up from the previous month’s 55.3.
Still in the US docket, the ADP report also rose more than forecasted during the same period, up by 135K jobs although August’s figures were revised lower.
In the meantime, the greenback remains under downside pressure as investors continues to adjust to the rising odds that FOMC’s member J.Powell could be the succeed J.Yellen at the helm of the Federal Reserve.
Ahead in the session, the speech by Chief J.Yellen will be the salient event for the greenback.
US Dollar relevant levels
As of writing the index is losing 0.13% at 93.30 and a breach of 93.00 (10-day sma) would open the door to 92.96 (55-day sma) and finally 92.47 (low Sep.20). On the other hand, the next up barrier aligns at 93.91 (high Oct.2) followed by 94.03 (23.6% Fibo of the 2017 drop) and finally 94.14 (high Aug.16).