The index bottomed out in the vicinity of 97.30. US ADP report came in at 275K in April. ISM manufacturing, FOMC event coming up next. The greenback, in terms of the US Dollar Index (DXY), has managed to regain some composure following the upbeat result from the US ADP report. US Dollar Index now looks to ISM, Fed The index appears to have found some dip-buyers in the area of session lows after the ADP report showed that the US private sector added 275K jobs during April, not only surpassing estimates but also coming in higher than March’s 151K (revised from 129K). In the meantime, DXY continues to lose ground since last Friday amidst a sharp improvement in the mood surrounding the riskier assets, although the selling impetus seems to have met some contention in the 97.30 region, where sits the key 21-day SMA. Later in the session, the buck is expected to remain in centre stage, as the ISM will release its monthly gauge of the manufacturing sector seconded by the FOMC interest rate decision and the press conference by Chief Jerome Powell. While a move on rates has been already priced out, Powell’s presser is expected to face a lot of questioning regarding the likeliness of rate cuts in the medium term. What to look for around USD The greenback remains under a renewed downside pressure following some mixed results in the docket and after reaching fresh 2019 highs in the 98.30 region during last week. Concerns over the lack of traction in inflation has poured cold water over the recent optimism and has emerged as a key driver to follow by market participants in the next months. Focus has now shifted to the imminent FOMC meeting, where the neutral/data-dependent stance from the Fed is expected to persist while a rate hike this year is not entirely off the table yet. On the positive side for the buck we find overseas weakness, its safe haven appeal, favourable yield spreads vs. its peers and the status of global reserve currency. Despite further progress in the US-China trade talks carries the potential to somewhat undermine the positive outlook on USD in the near term, rising scepticism among investors should mitigate bouts of optimism surrounding this event. US Dollar Index relevant levels At the moment, the pair is retreating 0.09% at 97.43 and a breach of 97.34 (low May 1) would aim for 97.26 (low Apr.22) and then 96.96 (55-day SMA). On the other hand, the next up barrier emerges at 98.32 (2019 high Apr.25) seconded by 99.89 (high May 11 2017) and then 100.51 (78.6% Fibo of the 2017-2018 drop). FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR fails in either a risk on or off environment – AmpGFX FX Street 3 years The index bottomed out in the vicinity of 97.30. US ADP report came in at 275K in April. ISM manufacturing, FOMC event coming up next. The greenback, in terms of the US Dollar Index (DXY), has managed to regain some composure following the upbeat result from the US ADP report. US Dollar Index now looks to ISM, Fed The index appears to have found some dip-buyers in the area of session lows after the ADP report showed that the US private sector added 275K jobs during April, not only surpassing estimates but also coming in higher than March's 151K (revised… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.