US Dollar treading water above 99.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The greenback, in terms of the US Dollar Index, is trading on a firmer footing vs. the majority of its main rivals, currently navigating the 99.20/25 band.

    US Dollar focus on Fedspeak

    Choppy week for the dollar so far, with the area around the 99.00 handle acting as a strong support against the occasional bearish attempts. Firmer expectations of a Fed’s lift-off in September have been sustaining the generalized positive momentum around the greenback, mainly after the stellar NFP figures published last week.

    However, USD is expected to remain in the limelight for the rest of the session in light of the speeches by Fed’sBullard, Yellen, Fischer, Lacker, Dudley and Evans.

    Data wise in the US calendar, Initial Claims have missed estimates coming in at 276K during the week ended on November 6 vs. 270K initially forecasted.

    US Dollar significant levels

    As of writing the US Dollar Index is up 0.09% at 99.15 with the next hurdle at 99.50 (high Nov.10) followed by 100.00 (psychological level) and finally 100.38 (2015 high Mar.13). On the other hand, a drop below 98.3 (76.4% Fibo of 93.83-99.60) would aim for 97.39 (61.8% Fibo of 93.83-99.60) and then 96.42 (200-day sma).
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