US Dollar stays above 97.00 post-ISM
The US Dollar Index – which tracks the buck vs. its main competitors – keeps the firm note so far today, holding on to levels above the 97.00 handle.
US Dollar bid on data
Better-than-expected results from US ADP report (253K) and ISM Manufacturing (54.9) for the month of May keep rpopping up the demand for the greenback on Thursday, helping the index to regain and so far stay above the 97.00 mark.
Auspicious results have also given extra legs to the buck’s recovery via higher US yields, with the 10-year benchmark quickly advancing to session tops around 2.24% in the wake of the releases.
Positive data today has also collaborated with a tick higher in the probability of a rate hike at this month’s meeting, currently above 90% according to CME Group’s FedWatch tool based on Fed Funds futures prices.
US Dollar relevant levels
The index is up 0.18% at 97.08 and a breakout of 97.42 (high may 31) would open the door to 97.70 (high May 30) and then 97.93 (20-day sma). On the downside, the next support is located at 96.5 (low Jun.1) seconded by 96.80 (low May 31) and finally 96.70 (2017 low May 23).