US Dollar keeps daily highs above 93.00

The US Dollar Index, which tracks the greenback vs. a basket of its main rivals, has managed to break above the critical barrier at 93.00 the figure on better-than-expected US payrolls.

US Dollar in 4-day tops

The index has quickly climbed to multi-day peaks following auspicious results from today’s non-farm payrolls, where the economy added 209K jobs, more than the 183K initially forecasted.

In addition, the jobless rate ticked lower to 4.3% from 4.4% while average hourly earnings (a proxy for wage inflation) rose 0.3% on a monthly basis and 2.5% on a year to July, bettering consensus (2.4%).

Today’s positive results gave some much needed oxygen to the buck and help expectations of further tightening by the Federal Reserve come back to the fore, alleviating increasing scepticism over a potential third rate hike.

US Dollar relevant levels

The index is losing 0.10% at 92.61 finding the next support at 92.41 (2017 low Jul.31) seconded by 91.88 (2016 low May 3) and finally 91.50 (low Jan.15 2015). On the other hand, a break above 93.03 (high Aug.2) would aim for 93.17 (10-day sma) and then 94.11 (high Jul.26).