US Dollar gravitating around 99.50 ahead of House vote

Pablo Piovano FXStreet

The US Dollar Index – which gauges the greenback vs. its main rivals – stays within a tight range around 99.50 on Thursday ahead of the key House vote.

US Dollar focus on Trump

The index is extending its near term consolidative theme amidst some caution ahead of the House voting on the American Health Care Act.

The vote has gained extra importance recently, as investors consider that in case the bill is not passed, that could delay further the implementation of the fiscal plans ‘promised’ by President Trump.

In the meantime, yields in the US money markets have managed to revert the drop to daily lows albeit they’re still meandering the lower bound of the recent range. The 10-year benchmark bounced off lows around 2.37% seen yesterday, although it still trades far away from levels seen pre-FOMC meeting near 2.63%.

US Dollar relevant levels

The index is gaining 0.04% at 99.52 facing the next up barrier at 99.85 (78.6% Fibo of the February-March up move) ahead of 100.27 (high Mar.20) and then 100.84 (55-day sma). On the slip side, a breakdown of 99.46 (low Mar.21) would aim for 99.19 (2017 low Feb.2) and finally 96.94 (low Nov.4 2016).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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