US Dollar leaps to highs near 96.60

The greenback, gauged by the US Dollar Index, is now gathering further traction and testing highs in the vicinity of 96.60.

US Dollar bid after data, looks to FOMC

The index is testing the area of 96.60 after key ISM Non-manufacturing has surpassed expectations during last month, up to 56.5 vs. 53.3 initially estimated and May’s 52.9. Previously, Markit’s Services PMI has come in a tad lower than consensus at 51.4 albeit bettered the previous reading at 51.3.

USD will remain under pressure however, as the FOMC minutes are due later in the NA session, with prior surveys expecting the Committee to strike a dovish tone.

US Dollar relevant levels

The index is advancing 0.21% at 96.47 and a breakout of 96.86 (high Jun.27) would open the door to 97.09 (high Mar.16) and finally 98.58 (high Mar.1). On the flip side, the immediate support aligns at 95.25 (100-day sma) followed by 94/69 (55-day sma) and then 93.03 (low Jun.23).