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US Dollar flirting with highs near 93.30, eyes on ISM

  • DXY remains firm above the 93.00 handle.
  • US tax reform still in centre stage.
  • US ISM non-manufacturing in the limelight.

The US Dollar Index (DXY), which gauges the greenback vs. its main competitors, is extending its upside momentum in the first half of the week to the 93.30 region.

US Dollar focused on US ISM

The index is advancing for the second session in a row on Tuesday, prolonging the positive start of the week backed by an improved sentiment in the US political scenario and with the tax reform bill still in centre stage.

Regarding the US tax reform, the Senate is now expected to reconcile its version of the bill with previous legislation already voted by the House.

In the US data space, the key ISM non-manufacturing is due later in the session seconded by Markit’s services PMI and the IBD/TIPP index.

US Dollar relevant levels

As of writing the index is gaining 0.14% at 93.22 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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