US Dollar stays near 100.50 ahead of Fed minutes

The US Dollar Index – which gauges the buck vs. its main competitors – is posting meagre gains in the mid-100.00s ahead of the publication of the FOMC minutes.

US Dollar steady, FOMC eyed

The index keeps its weekly upside intact for the time being, extending the breakout of the psychological 100.00 handle amidst some cautiousness among traders in light of the FOMC minutes.

US yields have retreated from daily highs, trading in tandem with the sentiment around the buck. The 10-year reference has lost some upside feeling, now deflating to sub-2.36% levels after reaching highs above 2.38% earlier in the session.

In the data space, ISM Non-manufacturing missed initial estimates in March, coming in at 55.2 vs. 57.0 from prior surveys.

Closing the session, the FOMC will publish its minutes from the most recent meeting, with consensus slightly tilted towards the hawkish tone.

US Dollar relevant levels

The index is up 0.09% at 100.51 and a break above 100.60 (55-day sma) would open the door to 100.61 (high Apr.4) and then 101.10 (100-day sma). On the flip side, the immediate support lines up at 99.50 (low Mar.29) followed by 98.92 (low Mar.28) and finally 98.67 (low Mar.27).