US Dollar remains near daily lows even after US House approves healthcare bill

The greenback, measured by the US Dollar Index, failed to take advantage of the fact that the U.S. House of Representatives approved a bill on Thursday to repeal major parts of Obamacare and replace it with a Republican healthcare plan. As of writing, the index was at 98.61, down 0.65% on the day.

• Healthcare bill has the 216 votes to pass U.S. House; bill now goes to the Senate

Going over the threshold with a single vote (217 to 213), Republicans were able to send the legislation to the Senate. In addition to the healthcare bill, the government funding bill also passed through the House. In a recent press conference following the voting, President Trump said that he was confident that the health care bill would pass the Senate as well.

The major equity indexes in the U.S. reacted positively to this development but couldn't help the greenback find demand against its rivals. Even the strong performance of the U.S. Treasury yields couldn't bring the USD bulls back on Thursday. A higher-than-expected reading in tomorrow's NFP report could be the last opportunity for the greenback to make a correction before the investors turn their attention to Sunday's second round of French presidential election.

• US: March job report offers no compelling evidence of acceleration - Nomura

Technical outlook

The immediate support for the index is seen at 98.56 (Apr. 25 low) ahead of 97.60 (Nov. 1 low) and 97 (psychological level). To the upside, resistances align at 99 (psychological level), 99.75 (Mar. 23 low) and 100 (psychological level).