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US Dollar in session tops near 95.60

FXStreet (Edinburgh) - The greenback keeps pushing higher on Monday, now sending the US Dollar Index to the upper bound of the range near 95.60.

US Dollar indifferent on data

The dollar keeps advancing vs. its main rivals today, extending the correction higher triggered last Friday soon after posting fresh multi-week lows. The upbeat momentum in the greenback has been sustained by the positive performance of the US Treasuries and upbeat comments by St. Louis Fed J.Bullard.

Calendar wise, US Existing Home Sales have missed estimates during August, contracting at a monthly pace of 4.8%, or 5.31 million. Ahead in the session, Atlanta Fed President D.Lockhart is expected to give a speech.

US Dollar levels to consider

At the moment the index is up 0.83% at 95.64 and a breakout of a break above 96.53 (high Sep.4) would target 97.07 (high Aug.19) en route to 97.33 (high Aug.12). On the downside, the immediate support aligns at 94.06 (low Sep.18) ahead of 93.72 (low Aug.26) and finally 93.25 (low Aug.25).

Interest rate differentials will continue to favor USD vs EM currencies

According to analysts from Brown Brothers Harriman, the decision of the Federal Reserve to keep rates unchanged is not a game changer for the US dollar, that could continue to be favored versus emerging market (EM) currencies amid rate differentials.
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