US Dollar clings to gains near 97.20

The US Dollar Index – which tracks the buck vs. its main rivals – remain on the positive territory so far today, currently hovering over the 97.20 area.

US Dollar bid on data, looks to Fedspeak

The index is clinging to its daily gains at the end of the week, following mixed results from the US docket.

In fact, Non-farm Payrolls figures showed the economy added 161K jobs during last month, less than initially estimated and down from September’s 191K (revised from 156K). Furthermore, the unemployment rate dropped to 4.9% while Average Hourly Earnings rose at a healthy 0.4% inter-month and the trade deficit shrunk to $36.44 billion in September.

The greenback remains bid so far, posting marginal gains for the day although closing its second consecutive week with losses. In the very near term, all the attention will remain on the upcoming US election on November 8, with both candidates H.Clinton and D.Trump struggling to break the current deadlock around 44% of vote intention.

Later in the session, L.Brainard (permanent voter, dovish), Dallas Fed R. Kaplan (2017 voter, neutral), Minneapolis Fed N.Kashkari (2017 voter, neutral) and S.Fischer (permanent voter, hawkish) are all scheduled to speak.

US Dollar relevant levels

The index is gaining 0.01% at 97.20 and a surpass of 99.09 (high Oct.25) would open the door to 99.95 (high Jan.21) and then 100.60 (high Dec.3). On the flip side, the immediate support aligns at 97.07 (low Nov.3) followed by 96.41 (55-day sma) and finally 95.58 (6-month support line).

To learn more about this topic, check our video analysis.