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US Dollar off highs, back near 93.10

  • USD upside stalled around 93.30.
  • US Senate passed tax reform bill.
  • October’s factory orders next on tap.

The greenback, tracked by the US Dollar Index, is trading on a firm note at the beginning of the week, although the bullish attempt seems to have run out of steam in the 93.35/40 band.

US Dollar focus on US politics

After three consecutive sessions with losses, the buck opened with a gap higher today in response to the rising optimism after the US Senate passed the tax reform bill, paving the way for its implementation in the near term.

In addition, uncertainty around recent headlines involving former National Security Adviser M.Flynn has picked up some pace as of late, also lending support to the buck.

In the US docket, October’s factory orders are next on tap ahead of tomorrow’s more relevant ISM non-manufacturing.

US Dollar relevant levels

As of writing the index is gaining 0.25% at 93.13 and a break above 93.35 (high Dec.4) would open the door to 93.50 (high Nov.30) and finally 94.03 (23.6% Fibo of 2017 drop). On the flip side, the next support emerges at 92.50 (low Nov.30) seconded by 91.78 (low Sep.22) and then 91.53 (low Sep.20).

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