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US Dollar in session highs around 97.00

FXStreet (Edinburgh) - The US Dollar Index, which gauges the greenback vs. its major rivals, is extending its recovery after yesterday’s drop, currently hovering over the 97.00 handle.

US Dollar stronger despite data

The buying pressure keeps growing bigger around the dollar, now pushing the index beyond the 97.00 mark in spite of the poor results from today’s US calendar.

In fact, Durable Goods Orders have contracted 1.2%, flash Markit’s Services PMI has ticked lower to 54.4 for the current month and CB’s Consumer Confidence dropped to 97.6 in October vs. September’s 102.6. On the bright side, the S&P/Case-Shiller index has expanded 5.1% on a year to August.

The greenback remains navigating the area of multi-week highs around 97.00 the figure ahead of the 2-day FOMC meeting, which kicks in later on today. Market participants have ruled out a rate hike at this meeting, although it will be crucial for USD to see if the Committee remains unchanged on a rate hike later in the year.

US Dollar significant levels

As of writing the US Dollar Index is up 0.11% at 97.02 and a breakout of 97.30 (high Oct.23) would expose 98.40 (monthly high Aug.7) and finally 99.00 (psychological level). On the other hand, the next support aligns at 96.15 (61.8% Fibo of 98.40-92.52) followed by 96.19 (200-day sma) and then 94.75 (uptrend from August low).

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