Tuesday Briefing: From DXY to Latest FX Headlines; Aug 23, 2022
US Dollar Index Overview
- The DXY moves in rigid boundaries and consolidates around 109.00 mark.
- It made intraday high at 109.27 and low at 108.84 mark.
- A day Chart and H1 chart with triple EMA suggest bullish trend for the time being.
- Immediate hurdles are seen at 109.30 to 108.68 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:
- Weakening economies in Germany and France piled more pressure on markets as decades-high inflation and surging gas prices drag Europe towards recession, pushing the euro to a 20-year low against the dollar.
- Billionaire entrepreneur Elon Musk is seeking documents from Twitter co-founder Jack Dorsey as the CEO of Tesla and SpaceX pursues his legal fight to walk away from his $44 billion deal for the social media company, according to a court filing.
- Iran has dropped some of its main demands on resurrecting a deal to rein in Tehran’s nuclear program, including its insistence that international inspectors close some probes of its atomic program, bringing the possibility of an agreement closer, a senior U.S. official told Reuters.
- About 2,000 anti-government demonstrators gathered outside New Zealand’s parliament to vent their frustration on a range of issues nearly six months after protesters were forcibly removed from the grounds of the legislature.
- Russian and Kazakh oil exports via the Caspian Pipeline Consortium’s (CPC) Black Sea terminal face at least one month’s disruption each once repairs begin on two of its three single mooring points (SPMs), CPC confirmed on Tuesday.
Latest updates on Russia – Ukraine Conflicts:
- The United States urged its citizens to leave Ukraine, saying it believed Russia was preparing to target civilian and government infrastructure in the next few days as the war reaches the six-month mark.
- The warning followed a ban by the Ukrainian government on celebrations in the capital Kyiv on tomorrow’s anniversary of independence from Soviet rule due to fears of attack.
- As Ukraine prepared to mark both its independence from Soviet-rule in 1991 and the six months since Russian troops invaded, President Volodymyr Zelenskiy pledged that any Russian attacks in or around the date would provoke a powerful response.
- Canada sanctions Russian officials, defense entity over Ukraine invasion.
Keep an eye open for the latest news and fundamentals affecting the FX markets.
Take a look and do trade wisely!