Thursday Briefing: Key Headlines Across the World; May 19, 2022

US Dollar Index Overview

• The DXY weakens sharply on Thursday and hits fresh 2 week low at 102.92 mark.
• The intraday high is 103.85 and low at 102.92 mark.
• A day Chart with triple EMA confirms up trend while H1 chart suggests bearish trend for the time being.
• Immediate hurdles are seen at 103.34 to 102.82 mark.
• A sustained close of either side on H1 chart requires for the further directions.

Key Headlines for the FX market:

• A lower U.S. dollar index and a decline in U.S. Treasury yields working in favor of the metals market bulls.
• Gold hits fresh 1 – week high at $1,841 mark as U.S. released Philly Fed Manufacturing Index data and Weekly Unemployment Claims with Negative numbers.
• Aussie too recovers sharply on Thursday after Australia Released Employment change data with mixed numbers.
• Japanese yen strengthens on Thursday due to weakening U.S. dollar across the board and hits highest level since April 27, 2022.
• Euro strengthens against U.S. dollar and touches $1.0561 mark during U.S. session.
• Sterling recovers sharply from previous losses and stabilizes back above $1.2450 mark.
• CAD hits fresh 10 – day high and touches 1.2789 mark during early U.S. session.

Latest updates on Russia – Ukraine Conflicts:

• Group of Seven financial leaders are likely to agree on Thursday and Friday to help Ukraine pay its bills in coming months.
• The first Russian soldier on trial for war crimes in Ukraine asked for “forgiveness” in a Kyiv court on Thursday as he gave a detailed account on how he killed a civilian early during Moscow’s invasion.
• The European Union must make preparations for rebuilding Ukraine after the war by setting up a solidarity fund to help cover the billions of euros reconstruction will cost, German Chancellor Olaf Scholz said.
• German Chancellor Olaf Scholz says there can be “no shortcuts” to EU membership for Ukraine, the second EU leader to quash Kyiv’s hope of fast-track membership in as many weeks.
• talian Prime Minister Mario Draghi called on Thursday for an urgent ceasefire in Ukraine so that serious negotiations can begin to end the war that began with Russia’s invasion almost three months ago.
• Russia said it was expelling embassy staff from France, Spain and Italy in retaliation for similar moves by those countries.
• US President Joe Biden will meet President Sauli Niinisto of Finland and Sweden’s Prime Minister Magdalena Andersson in Washington on Thursday after offering strong backing for the Nordic nations’ NATO membership applications.
• Japan says to double fiscal support for Ukraine to $600 million.
• US reopens embassy in Kyiv after closure forced by war.
• US Senate confirms Biden nominee to be Ukraine ambassador, reports Reuters.

Source: Timesofindia

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

Take a look and do trade wisely!
Good Luck