US Dollar Index consolidates modest gains as market await UK elections results

On a quiet American session, the US dollar is consolidating gains versus the yen and its European rivals while its uncharged versus commodity currencies. The US Dollar Index reached today 97.10, the highest since last Friday and the pulled back finding support around 96.80. 

It is trading at 96.90, up just 0.25% for the day. It gained most of the ground during the European session and peaked after the European Central Bank decision. During Comey’s testimony, it consolidated above 96.80. Now traders await exit polls from the UK general elections. 

So far, the “Super Thursday” for markets is being characterized by low volatility. The rise in US bond yields helped the greenback earlier today, but now yields are moving off daily highs.

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Levels to watch 

To the downside, support levels might lie at 96.80 (intraday level) 96.50 (daily low), 96.40 (June 7 low) and 96.25 (Sep high). On the upside, resistance could be seen at 97.10 (daily high), 97.25 (June 1 & 2 high) and 97.65 (May 30 high).