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US Dollar steady around 93.30 on data

  • ISM non-manufacturing missed estimates in November.
  • USD upbeat so far this week.
  • Attention remains on tax reform.

The greenback, when tracked by the US Dollar Index (DXY), is treading water in the 93.30 region so far today, keeping the upside momentum intact during the first half the week.

US Dollar apathetic on weaker ISM

The index kept the range despite today’s US docket showed releases coming in below initial forecasts.

In fact, October’s trade deficit widened to $48.7 billion, while Markit’s services PMI and the more relevant ISM non-manufacturing receded to 54.5 and 57.4 in November, respectively.

In the meantime, investors’ attention remains on headlines from the US political scenario after the US Senate passed the tax reform bill late on Monday, while developments around the debt ceiling issue should become the next key driver for the buck.

US Dollar relevant levels

As of writing the index is gaining 0.23% at 93.30 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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