US Dollar looks to regain 97.70, US elections eyed

The US Dollar Index, which tracks the buck vs. its main rivals, has managed to bounce off session lows in the 95.55/50 band, now approaching 97.70.

US Dollar all the attention on US elections

The index is giving away part of the strong advance seen at the beginning of the week, now posting small losses around the 97.70 region after bottoming out in the mid-97.00 earlier in the session.

USD remains cautious ahead of the still pretty divided consensus on who could be the next US President today. Recent polls, however, continue to favour Democratic candidate H.Clinton by 2-4 pts, although it will undoubtedly be a very close call.

On the domestic data front, US NFIB’s Business Optimism Index and JOLTs Job Openings are due later in the NA session, ahead of the speech by Chicago Fed C.Evans (2017 voter, dovish) and the weekly report on crude supplies by the API.

Reinforcing the so far positive start of USD, speculative net longs have climbed to the highest level since mid-August 2015 during the week ended on November 1, as shown be the latest CFTC report.

US Dollar relevant levels

The index is losing 0.10% at 97.69 facing the immediate support at 96.94 (low Nov.4) followed by 96.53 (55-day sma) and finally 95.66 (6-month support line). On the flip side, a breakout of 99.09 (high Oct.25) would open the door to 99.95 (high Jan.21) and then 100.60 (high Dec.3).

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