FXStreet (Edinburgh) – The US Dollar Index, which gauges the greenback vs. its main rivals, is clinging to daily gains above the critical 98.00 mark on Wednesday.
US Dollar focused on data
The greenback has been boosted by recent hawkish comments by Atlanta Fed President D.Lockhart, who stated that the US economy is ready for higher rates and also stressed that a rate hike in September would be ‘appropriate’.
In the data front, it will be quite an important session in the US economy today, with the ADP Employment Change and the ISM Non-manufacturing due later. Market consensus expects the US economy to have created 215K during July while the ISM PMI is seen at 56.2, a tad higher than June’s 56.0.
US Dollar relevant levels
As of writing the index is gaining 0.16% at 98.09 and a break above 98.22 (high Aug.5) would aim for 98.46 (high Apr.21) and finally 98.73 (high Apr.16). On the downside, the immediate support lines up at 97.21 (low Aug.4) ahead of 96.29 (low Jul.27) and then 95.63 (low Jul.23).
(Market News Provided by FXstreet)