US Dollar advances to session highs near 97.40

The greenback, in terms of the US Dollar Index (DXY), is extending its rebound and trades in the vicinity of session highs around 97.30/40.

US Dollar up on ECB, UK elections

The greenback gathered fresh traction following the dovish stance from the ECB at its meeting on Thursday and the UK general elections, which so far resulted in a hung parliament. Both events have weakened the single currency and the British Pound vs. the buck, pushing the index higher.

On another important event on Thursday, former Director J.Comey said at his testimony before the Senate that it is his belief that he was fired because of the Russia investigation. The greenback, however, remained apathetic during his testimony.

In the meantime, DXY stays on a firm note, up for the third session in a row and putting further distance from earlier YTD lows in the mid-96.00s. The daily RSI keeps the up trend intact around 45, leaving further room for a continuation of the leg higher for the time being.

Nothing relevant expected on the US data front today, with only wholesale inventories due for release.

US Dollar relevant levels

The index is gaining 0.36% at 97.30 and a breakout of 97.70 (high May 30) would open the door to 98.11 (50% Fibo of the May-June drop) and then 98.77 (55-day sma). On the other hand, the immediate support lines up at 96.45 (2017 low Jun.7) followed by 95.91 (low Nov.9 2016) and then 94.95 (low Sep.22 2016).