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The US Dollar Index, which tracks the greenback vs. a bundle of its main competitors, gives away part of the recent advance and slips back to the US dollar 99.00 neighbourhood on Monday. The index comes under some mild downside pressure at the beginning of the week following two consecutive daily gains, including another move beyond the 99.00 barrier.
UK pound has gone back and forth during the trading session today as we continue to push lower and continue the overall downtrend. That being said, if we break down below the bottom of the UK pound Friday candlestick, then it is very likely that the market goes to look towards the 1.30 handle.
The U.S. Dollar Index is trading higher against a basket of major currencies on Friday, boosted by a plunge in the Japanese Yen and a weaker Euro. A sharp rise in U.S. consumer inflation also cemented expectations that the U.S. Federal Reserve would hike key interest rates at the conclusion of next week’s monetary policy meeting to prevent the economy from overheating.
The US Dollar Index (DXY), which tracks the greenback vs. a bundle of its main competitors, extends the recent bearishness to the 99.00 neighbourhood midweek. The US Dollar index retreats for the second session in a row on Wednesday, although it manages well to keep business around the key 99.00 barrier.
The US dollar has bounced from the 50 Day EMA indicator during the early hours on Monday to show a proclivity to continue the same sideways grind against the Japanese yen. By doing so, the market looks as if it is trying to figure out whether or not it can stay in the same region, as we try to build up enough momentum to go higher.
The greenback, in term of the US Dollar Index (DXY), extends the upside momentum and clinches new cycle peaks past the 98.00 mark at the end of the week. The index looks to add to Thursday’s gains and climbs to levels last seen back in June 2020 beyond 98.00 the figure on Friday.
The US dollar has initially pulled back during the week but has turned around to show signs of life again as the ¥114.50 level seems to have offered relative support. Looking at this chart, you can see that we have been in an uptrend for quite some time, and it certainly makes sense that we would see buyers continue to run into this market.
US Dollar Today: The situation in Ukraine is incredibly fragile. Therefore, economists at ING believe that European currencies should continue to underperform, allowing the US Dollar Index (DXY) to move back above the 97.00 level over coming days.
The greenback, when tracked by the US Dollar Index (DXY), fades Friday’s uptick and refocuses on the downside at the beginning of the week. The index reverses two consecutive daily advances and revisits the 95.70 region on Monday in response to the broad-based improvement in the risk complex, particularly following auspicious news from the Russia-Ukraine front.
The US Dollar Index (DXY), which gauges the greenback vs. a bundle of its main competitors, trades slightly into the negative territory around the 95.70 zone on Friday. The index navigates the lower end of the recent range south of the 96.00 mark against the backdrop of the improvement in the risk complex.