US Dollar remains firm above 98.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The US Dollar Index, which gauges the greenback vs. its main competitors, is extending the upside momentum above the 98.00 handle on Wednesday.

    US Dollar stronger on ADP, looks to Fed’s Beige Book

    The dollar is extending its positive streak to the third week so far, confirming the upside momentum after last Friday’s auspicious US inflation figures tracked by the PCE.

    Today’s solid ADP figures showed the US private sector employment added more than 200K jobs from January to February, surpassing expectations and underpinning the sentiment in light of the upcoming February’s Non-farm Payrolls to be released on Friday (185K).

    Recent upbeat results have spurred expectations of a Fed rate hike at the 16-17 March meeting, giving some extra support to USD at the same time, although market consensus still points to the Committee staying on the sidelines this month.

    US Dollar relevant levels

    The index is up 0.23% at 98.57 facing the next hurdle at 98.85 (76.4% Fibo of 99.95-95.28) followed by 99.75 (high Jan.6) and finally 99.95 (high Jan.21). On the other hand, a breach of 97.61 (50% Fibo of 99.95-95.28) would target 97.11 (200-day sma) en route to 96.99 (20-day sma).
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