US Dollar moves higher beyond 97.00 ahead of Comey

The greenback, in terms of the US Dollar Index (DXY), has quickly abandoned the area of session lows and is now testing highs in the 97.00 neighbourhood.

US Dollar upbeat on ECB, now looks to Comey

The buck gathered unexpected traction following a steady stance from the European Central Bank at today’s meeting. The ECB left unchanged its key rates although it revised lower its forecasts for inflation for the upcoming years.

The ECB has also removed some accommodative wording, but it expects the QE programme to run until end of 2017 or longer in case of need.

DXY rose as high as 97.11 following the ECB meeting and Draghi’s press conference, although it has now come under some selling pressure.

Despite the bullish attempt, the greenback is expected to remain under the microscope in light of the testimony by former FBI Director James Comey before the Senate Intelligence Committee, expected at 14GMT.

US Dollar relevant levels

The index is advancing 0.26% at 96.92 and a break above 97.11 (high Jun.7) would open the door to 97.27 (high Jun.1) and then 97.30 (20-day sma). On the other hand, the next down barrier emerges at 96.45 (2017 low Jun.7) followed by 95.91 (low Nov.9 2016) and then 94.95 (low Sep.22 2016).