Monday Briefing: From DXY to Russia – Ukraine Conflicts; May 30, 2022

US Dollar Index Overview

• The DXY enjoys roller coaster movement and hovers around 101.50 mark.
• The intraday high is 101.72 and low at 101.35 mark.
• A day Chart with triple EMA confirms bullish trend while H1 chart suggests down trend for the time being.
• Immediate hurdles are seen at 101.70 to 101.37 mark.
• A sustained close of either side on H1 chart requires for the further directions.

Key Headlines for the FX market:

• President Joe Biden tried to comfort families in the south Texas town of Uvalde after the nation’s deadliest school shooting in a decade as federal officials announced they would review local law enforcement’s slow response to the attack – Reuters.
• The World Health Organization said that monkeypox constitutes a “moderate risk” to overall public health at global level after cases were reported in countries where the disease is not typically found. Here’s the latest on monkeypox cases around the world – Reuters.
• Over 100 people are missing or confirmed dead in Brazil, the government said, as mudslides and major floods brought about by heavy rains tore through several urban neighborhoods in the northeastern part of the country – Reuters.
• World shares rose and the dollar was pinned near five-week lows on hopes of an eventual slowdown in U.S. monetary tightening following sharp interest rate hikes in June and July Reuters.
• Another 9% plunge in Turkey’s lira this month and debt market danger gauges at levels last seen during the 2008 global crash have prompted investor concerns that a fresh crisis might be brewing in the country – Reuters.

Latest updates on Russia – Ukraine Conflicts:

• Russian troops have entered the outskirts of the Ukrainian city of Sievierodonetsk, the regional governor said, describing “very fierce” fighting in the ruins of a city that has become the focus of Moscow’s offensive – Reuters.
• The “liberation” of the Donbas region is an “unconditional priority” for Moscow, while other Ukrainian territories should decide their future on their own, Russian Foreign Minister Sergei Lavrov said – Reuters.
• Russia appears to have suffered devastating losses amongst mid- and junior-ranking officers, raising the prospect of weaker military effectiveness in future, Britain’s defense ministry said – Reuters.
• Ukraine defence ministry spokesman says Russian forces are regrouping to resume attack in direction of Sloviansk.
• Ukrainian defenders hold out in Donbas city under heavy fire.
• Eurovision trophy auctioned to help Ukraine.

Source: Times of india

Keep an eye open for the latest news and fundamentals affecting the FX markets.

Take a look and do trade wisely!
Good Luck