US Dollar unchanged around 100.40, ADP, FOMC on sight

The greenback – tracked by the US Dollar Index – remains steady early in European trading around the 100.40 region.

US Dollar focus on data, FOMC

The index is alternating gains with losses today amidst a choppy first half of the week, so far managing well to keep the trade in the upper end of the recent range near multi-week tops.

Furthermore, yields in the US money markets have rebounded from weekly troughs and are lending some extra support to DXY. After dropping to nearly to 2.31%, the 10-year reference is now up more than 2 bp above 2.34%.

Data wise in the US docket, the ADP report is expected to come in at 187K for the month of March, down from nearly 300K seen in February. Further releases will see the DoE’s report on crude oil inventories, the ISM Non-manufacturing and the key FOMC minutes of the March meeting.

US Dollar relevant levels

The index is down 0.01% at 100.41 facing the initial support at 99.50 (low Mar.29) followed by 98.92 (low Mar.28) and finally 98.67 (low Mar.27). On the other hand, 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).