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US Dollar in highs near 98.00

FXStreet (Edinburgh) - The greenback, gauged by the US Dollar Index, is trading on a firmer footing today, advancing to the vicinity of the 98.00 handle.

US Dollar firmer on data

USD has added to the weekly gains today after auspicious releases in the US docket, where the ADP report, Trade Balance, ISM Non-Manufacturing and Markit’s Services PMI have all bettered expectations, pushing the index to the boundaries of 98.00 the figure.

In addition, market expectations of a rate hike by the Federal Reserve in December continues to build up amongst traders, collaborating with the upside bias in USD. Currently, probabilities of a December lift-off stand around 56%, up from below 30% just days before the FOMC meeting on October 28th.

US Dollar significant levels

As of writing the US Dollar Index is advancing 0.75% at 97.97 facing the next hurdle at 98.40 (monthly high Aug.7) ahead of 99.00 (psychological level) and finally 100.38 (2015 high Mar.13). On the flip side, a breach of 96.51 (low Oct.28) would aim for 96.20 (200-day sma) and then 95.92 (55-day sma).

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