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US Dollar extends the upside to 98.80

FXStreet (Edinburgh) - The buying interest seems to have returned around the dollar, testing the 98.80 area when measured by the US Dollar Index.

US Dollar firmer post-Payrolls

The recent auspicious print from November’s Payrolls in the US economy (211K) has given the greenback fresh legs and helped the index to rebound from post-ECB troughs in the mid-97.00s (Thursday).

The improved health around the US labour market has echoed in further expectations of a rate hike later this month, keeping the buoyant tone around the dollar today and prompting buyers to lift the index to the vicinity of the 99.00 handle.

On the data front, Fed’s Labor Market Conditions Index has missed estimates at 0.5 during November, down from the previous 2.2 gain.

US Dollar significant levels

As of writing the US Dollar Index is gaining 0.48% at 98.74 and a surpass of 98.99 (23.6% Fibo of 93.84-100.58) would aim for 100.00 (psychological handle) and finally 100.58 (high Dec.3). On the flip side, the immediate support aligns at 97.60 (low post-ECB Dec.3) followed by 97.44 (55-day sma) and finally 95.14 (4-month uptrend).

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