FXStreet (Edinburgh) – The greenback, tracked by the US Dollar Index, has returned to the positive ground after a test of session troughs in sub-95.50 levels.
US Dollar up despite poor data
The dollar has staged a strong recovery, returning to the upper 95.00s once again while at the same time shrugging off the deep pullback after the miserable prints from the US labour market on Friday.
USD has managed to revert the initial selling mood as market participants have been digesting Payrolls numbers throughout the Asian session. Today’s upside has come in spite of the US ISM non manufacturing, Services PMI and the Fed’s LMCI have all missed estimates, although Fed’s E.Rosengren deems a rate hike later in the year is still possible.
US Dollar levels to consider
At the moment the index is up 0.12% at 95.94 and a breakout of 96.49 (high Oct.1) would open the door to 96.70 (high Sep.25) and then 97.07 (high Aug.19). On the flip side, the immediate support lines up at 94.06 (low Sep.18) ahead of 93.72 (low Aug.26) and finally 93.25 (low Aug.25).
The greenback, tracked by the US Dollar Index, has returned to the positive ground after a test of session troughs in sub-95.50 levels…
(Market News Provided by FXstreet)