US Dollar clings to gains near 95.60

The greenback is extending its weekly recovery, currently navigating the 95.60 area when tracked by the US Dollar Index.

US Dollar focus on BoE, data

USD has been recently boosted by auspicious results from the ADP report, showing that the US private sector has added more jobs than estimated in July (179K), allowing a bounce off the key support at the 95.00 handle.

Ahead in the session, the focus of attention will be on the BoE MPC meeting and the likeliness of further easing either via rate cuts, extra QE or additional measures.

In the US docket, the usual weekly report on the labour market is due seconded by June’s Factory Orders, all ahead of tomorrow’s more relevant Non-farm Payrolls for the month of July (180K exp.).

US Dollar relevant levels

The index is advancing 0.09% at 95.65 facing the immediate up barrier at 95.81 (high Aug.2) followed by 96.64 (200-day sma) and finally 97.62 (high Jul.25). On the other hand, a breach of 94.94 (low Aug.2) would aim for 94.78 (61.8% Fibo of 93.03-97.62) and finally 94.01 (78.6% Fibo of 93.03-97.62).