Thursday Briefing: From DXY, Gold to Latest FX Headlines; March 16, 2023

US Dollar Index Overview

  • DXY moves in rigid boundaries on Thursday and stabilizes above 104.00 mark.
  • It made intraday high at 104.74 and low at 104.39 mark.
  • A day Chart is up and H1 chart with triple EMA suggests down trend for the time being.
  • Immediate hurdles are seen at 104.97 to 104.06 mark.
  • A sustained close of either side on H1 chart requires for the further directions of the U.S. dollar.

Technical Analysis: XAU/USD (Gold)

  • Gold moves in rigid boundaries after mixed U.S. Economic data and hovers around $1,930 mark.
  • The pair made intraday high at $1,933 and Low at $1,907 mark.
  • A day chart and H1 chart with triple EMA suggest up trend for the time being.
  • A sustained close above $1,930 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,917 on H1 chart will test further supports.

Key Headlines for the FX market:

  • EuroZone Interest Rate decision stands at 3.5 pct vs 3.00 previous release.
  • U.S. unemployment claims weekly stands at 192K vs 212K previous release.
  • U.S. Philly Fed Manufacturing Index stands at -23.2 vs -24.3 previous release.
  • U.S. Building Permits stands at 1.52M vs 1.34M previous release.
  • U.S. Housing Starts stands at 1.45M vs 1.32M previous release.
  • Credit Suisse said it would borrow up to $54 billion from the Swiss central bank to shore up liquidity after a slump in its shares intensified fears about a banking crisis.
  • Regulators at the U.S. Federal Deposit Insurance Corp have asked banks interested in acquiring failed lenders Silicon Valley Bank and Signature Bank to submit bids by March 17, people familiar with the matter said.
  • The leaders of Japan and South Korea promised to turn the page on years of animosity at a meeting today, saying they needed to work more closely to counter the region’s security challenges.
  • The situation for Russian forces trying to capture the Ukrainian city of Bakhmut is “difficult”, because there are no signs Kyiv is ready to order a withdrawal of its troops, the Russian-installed leader of Ukraine’s Donetsk region said.
  • The Atlanta grand jury that probed ex-President Donald Trump’s 2020 election meddling heard a taped phone call he placed to Georgia’s Republican House leader seeking to reverse Biden’s victory in that swing state, the Atlanta Journal-Constitution reported.

Source: Reuters

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

Take a look and do trade wisely!
Good Luck