US Dollar off highs, back around 95.50

The greenback, measured by the US Dollar Index, has recovered part of yesterday’s sell off and is now hovering over the mid-95.00s.

US Dollar attention to Fedspeak

The index is advancing after two consecutive pullbacks today, closing the week with losses and eroding the previous weekly advance to fresh tops above the key barrier at 9600 the figure.

In the meantime, the index remains well underpinned by the support line off 2016 low at 91.88 seen in May 3, today around 94.80.

On the data front, US advanced manufacturing PMI tracked by Markit is expected to come in at 51.4 during the current month, missing initial estimates at 51.9.

However, market participants will remain vigilant on the upcoming speeches by FOMC’s Harker, Lockhart and Mester, particularly after the recent FOMC meeting. It is worth recalling than Cleveland Fed’s L.Mester was one of the triple-dissenters at the meeting, along with (ex-dove?) E.Rosengren and KC Fed (and the hawkish member of the Committee) E.George.

US Dollar relevant levels

The index is advancing 0.13% at 95.57 and a break above 96.31 (spike post-BoJ Sep.21) would aim for 96.50 (high Aug.5) and then 96.78 (23.6% Fibo of July-August drop). On the other hand, the immediate support lines up at 94.78 (support line off 2016 low) followed by 94.44 (low Sep.8) and finally 94.05 (low Aug.18).