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US Dollar bounces off 98.20

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The greenback, tracked by the US Dollar Index, has collapsed to the area of 98.20 following the ECB meeting, albeit managing to recover some ground afterwards.

    US Dollar hammered by Draghi

    The surprising hawkish tone by the ECB and subsequent press conference my President M.Draghi sent the dollar to levels last seen in early November near 98.20.

    The Council failed to meet market expectations once again, prompting USD-sellers to return to the markets and drive the dollar to test fresh multi-day lows ahead of tomorrow’s key Non-farm Payrolls (200K exp.).

    On the data front, US Initial Claims matched estimates for the week ended on November 27, while Markit’s Services PMI has surprised to the downside. On another tone, October’s Factory Orders have come in on the strong side, expanding 1.5% MoM.

    US Dollar significant levels

    As of writing the US Dollar Index is retreating 1.45% at 98.60 with the immediate support at 98.00 (psychological level) followed by 97.32 (55-day sma) and finally 95.05 (4-month uptrend). On the other hand, a breakout of 100.58 (high Dec.3) would open the door to 100.38 (high Mar.13) and then 101.00 (psychological level).
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