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US Dollar clings to gains near 93.70

  • DXY stays buoyant above 93.60.
  • US data came in stronger than expected.
  • Attention now shifted to payrolls (Friday).

The greenback, gauged by the US Dollar Index, remains on the positive ground so far today, extending the upside momentum to the 93.70 region.

US Dollar now looks to payrolls

The rally in the buck stays supported by rising optimism over the US tax reform bill, which could be implemented at some point before Christmas following the recent vote at the Senate.

Curiously, the solid march north of the greenback has been against the backdrop of declining yields in the key US 10-year reference, dropping around 11 bps since last week’s tops in the 2.44% neighbourhood.

In the US data space, Challenger job cuts rose 30.1% in November, or 35.0K, while initial claims came in at 236K on a weekly basis, retreating for the third consecutive week.

Looking ahead, November’s non-farm payrolls will be the salient event tomorrow seconded by the advanced gauge of US consumer sentiment for the current month.

US Dollar relevant levels

As of writing the index is gaining 0.14% at 93.69 and a break above 93.80 (high Dec.7) would open the door to 94.03 (23.6% Fibo of 2017 drop) and finally 94.17 (high Nov.21). 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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