Monday Briefing: From DXY to Latest Russia – Ukraine Conflicts; June 27, 2022
US Dollar Index Overview
- The DXY exhibits range bound movement and consolidates around 104.00 mark.
- The intraday high is 104.21 and low at 103.82 mark.
- A day Chart is up and H1 chart with triple EMA suggests bearish trend for the time being.
- Immediate hurdles are seen at 104.24 to 103.70 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:
- G7 leaders pledged to raise $600 billion in private and public funds over five years to finance needed infrastructure in developing countries and counter China’s older, multi-trillion-dollar Belt and Road project.
- Profits at China’s industrial firms shrank at a slower pace in May following a sharp fall in April, as activity in major manufacturing hubs resumed, but COVID-19 restrictions still weighed on factory production and squeezed factory margins.
- Troops in Sri Lanka handed tokens to people queueing for petrol amid a severe fuel shortage in the nation battling its worst economic crisis in seven decades, while schools shut in Colombo and public employees were asked to work from home.
- Turkish police blocked hundreds of people from gathering for Istanbul’s annual Pride parade and detained dozens after local authorities banned the march from going ahead again this year.
Latest updates on Russia – Ukraine Conflicts:
- Ukrainian President Volodymyr Zelenskiy urged Western leaders to supply anti-aircraft defense systems to his embattled nation as Russian forces assaulted Lysychansk, the last big city still held by Ukrainian troops in eastern Luhansk province.
- Addressing the Group of Seven summit in the Bavarian Alps via video link, Zelenskiy also asked for help to export grain from Ukraine and for more sanctions on Russia.
- The United States is likely to announce this week the purchase of an advanced medium to long range surface-to-air missile defense system for Ukraine.
- The G7 will commit tomorrow to a new package of coordinated actions aimed at increasing pressure on Russia and will finalize plans for a price cap on Russian oil, a senior U.S. official said.
- Vladimir Putin will visit two small former Soviet states in central Asia this week, Russian state television reported, in what would be the Russian leader’s first known trip abroad since ordering the invasion of Ukraine.
Keep an eye open for the latest news and fundamentals affecting the FX markets.
Take a look and do trade wisely!