US Dollar moves to daily highs near 97.60

It seems the greenback has recovered the smile. Tracked by the US Dollar Index, the buck is trading on a firm note in the area of session highs in the 97.60/65 band.

US Dollar supported around 97.30

The index is posting some gains after five consecutive sessions in the red territory, moving to the 97.60 region and looking to extend the rebound from recent multi-month lows in the vicinity of 97.30.

The recent escalation in the effervescence around the US political arena – with Trump, Russia and the FBI in centre stage – would surely delay the legislative agenda, casting further doubts on the ability of the Trump’s administration to deliver its promised tax reforms and further fiscal measures in time.

In the US data space, the usual weekly report on the labour market is due seconded by the more relevant Philly Fed Manufacturing index and the speech by Cleveland Fed L.Mester (2018 voter, hawkish).

US Dollar relevant levels

The index is gaining 0.28% at 97.61 and a break above 98.01 (high May 17) would aim for 98.77 (high May 16) and finally 98.84 (20-day sma). On the flip side, the immediate support aligns at 97.28 (2017 low May 17) followed by 96.94 (low Nov.4 2016) and then 95.91 (low Nov.9 2016).