Friday Briefing: From DXY to Latest Russia – Ukraine Conflicts; July 22, 2022
US Dollar Index Overview
- The DXY enjoys roller coaster movement and currently stabilizes around key support at 106.75 mark.
- It made intraday high at 107.35 and low at 106.60 mark.
- A day Chart is up and H1 chart with triple EMA suggests down trend for the time being.
- Immediate hurdles are seen at 107.32 to 106.50 mark.
- A sustained close of either side on H1 chart requires for the further directions of the U.S. dollar.
Key Headlines for the FX market:
- The European Commission gave Hungary a final month to address its concerns about the rule of law before asking European Union governments to suspend some of the funds Hungary is to get under the bloc’s 2021-2027 budget.
- Global equity funds recorded their biggest weekly outflow in five weeks in the week to July 20, on investor caution ahead of crucial central bank meetings in which rate hikes are expected to be announced.
- S&P 500 and Nasdaq futures fell on Friday, with social media firms and companies that sell online ads leading declines after Snap Inc missed quarterly revenue targets.
- The global economy looks increasingly likely to be heading into a serious slowdown, just as central banks aggressively reverse ultra-loose monetary policy adopted during the pandemic to support growth, data showed on Friday.
- Convinced that Donald Trump was cheated in the 2020 election, Vermont barn restorer Harry Anzbock left a series of terrifying anonymous voice messages for election workers.
- China will suffer the return of more heatwaves over the next 10 days from east to west, with some coastal cities already on their highest alert level and inland regions warning of dam failure risks because of melting glaciers.
- The vast heatwave covering swaths of Europe moved steadily eastwards, forcing countries including Italy, Poland and Slovenia to issue their highest alerts as firefighters battled wildfires across the continent.
- Sri Lankan security forces raided a protest camp occupying government grounds in Colombo and cleared out a section of it, fueling fears that President Ranil Wickremesinghe had launched a crackdown a day after being sworn in.
- Lawmakers chose India’s first president from the country’s tribal communities, which could boost the appeal of Prime Minister Narendra Modi’s party among marginalized groups ahead of the 2024 general election. Droupadi Murmu, a 64-year-old teacher turned politician, will be the second woman to hold the largely ceremonial role as head of the republic.
- New Zealanders are dying from COVID at record rates as the country battles a new wave of the Omicron strain that is particularly affecting the older population.
- In Japan, new coronavirus cases in Tokyo surged past 30,000 for the first time since the pandemic began, spurring officials to call for more vigilance.
- A new European Central Bank tool to shield indebted states from soaring borrowing costs failed to impress investors, with many worried about a lack of detail and conditions that could make it tough for the likes of Italy to use.
Latest updates on Russia – Ukraine Conflicts:
- Russia and Ukraine will sign a deal today to reopen Ukraine’s Black Sea ports for grain exports, Turkey said, raising hopes that an international food crisis aggravated by Russia’s invasion can be eased.
- Europe’s thirst for oil and gas to replace sanctioned Russian supply is reviving interest in African energy projects that were shunned due to costs and climate change concerns.
Keep an eye open for the latest news and fundamentals affecting the FX markets.
Take a look and do trade wisely!