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US Dollar trims gains, back near 93.80

  • DXY faded the initial up tick.
  • USD stayed apathetic on US docket.
  • Focus stays on House GOP vote on tax reform bill.

The greenback, in term of the US Dollar Index (DXY), is holding on to its daily gains so far in the 93.80/85 band.

US Dollar now looks to US politics

The index was unable to gather further upside traction following today’s releases in the US calendar, where the key Philly Fed manufacturing index came in below prior surveys for the current month and initial claims rose more than expected on a weekly basis.

On the brighter side, capacity utilization, industrial production, manufacturing production and the NAHB index all surprised markets to the upside.

The greenback’s stance remains vulnerable as House Republican is expected to vote on its tax reform bill later in the session, all amidst conflicting opinions within the party itself and with some differences from the Senate’s bill.

US Dollar relevant levels

As of writing the index is gaining 0.02% at 93.83 and a breakout of 94.32 (21-day sma) would target 94.44 (10-day sma) and then 95.15 (high Nov.7). On the other hand, the immediate support aligns at 93.66 (100-day sma) followed by 93.41 (low Nov.15) and finally 93.36 (55-day sma).

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