US Dollar retakes 96.00 and beyond

FXStreet (Edinburgh) - The US Dollar Index, which gauges the greenback vs. its main competitors, keeps the area of session tops near 96.40 on Thursday.

US Dollar propped up by data, ECB

The upside momentum in the greenback has accelerated in response to the dovish tone struck by President M.Draghi at today’s ECB gathering and subsequent press conference.

Bolstering the upbeat sentiment further, US trade balance figures showed a lower than expected deficit during the last month, while both Markit’s Services PMI and the ISM Non-manufacturing have surprised markets to the upside during the same period.

All eyes will now be on the Non-farm Payrolls due tomorrow, as a positive print could add to the ongoing optimism of a Fed’s lift-off this month.

US Dollar levels to consider

At the moment the index is up 0.57% at 96.37 with the next hurdle at 96.52 (high Sep.3) followed by 96.57 (high Aug.20) and then 97.07 (high Aug.19). On the downside, a break below 95.19 (low Sep.1) would aim for 94.99 (low Aug.24) and finally 93.92 (low Aug.26).