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US Dollar trims some gains, around 94.80

  • USD remains offered below the 95.00 handle.
  • All eyes on US tax reform later today.
  • Initial claims and wholesale inventories in the US calendar.

 

The greenback, tracked by the US Dollar Index (DXY), remains offered so far this week and is currently posting moderate losses in the 94.80/75 band.

US Dollar attention is now on US Senate

The index is retreating for the second session in a row so far this week, coming down after once again testing and failing to surpass recent tops in the 95.15/20 band earlier in the week.

The offered bias remains around the buck in response to rising skepticism over further progress of the tax reform proposed by the White House. In this regard, Republicans should shed more light on the proposal later in the session, although USD is poised to remain under scrutiny.

In the US docket, the usual weekly report on the labour market is next on tap seconded by wholesale inventories for the month of September and tomorrow’s more relevant advanced figures for US consumer sentiment.

US Dollar relevant levels

As of writing the index is losing 0.10% at 94.79 and a breakdown of 94.41 (low Nov.3) would open the door to 94.15 (21-day sma) and finally 94.03 (23.6% Fibo of the 2017 drop). On the upside, the immediate resistance aligns at 95.15 (high Nov.7) seconded by 95.90 (38.2% Fibo of the 2017 drop) and then 96.63 (200-day sma).

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