Tuesday Briefing: From DXY to Latest Russia – Ukraine Conflicts; July 12, 2022

US Dollar Index Overview
- The DXY trades slightly lower ahead of U.S. session and stabilizes around 108.00 mark.
- It made intraday high at 108.55 and low at 108.04 mark.
- A day Chart and H1 chart with triple EMA suggest up trend for the time being.
- Immediate hurdles are seen at 108.55 to 107.82 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:
- The euro sank to within a whisker of parity with the dollar and stock markets fell as the prospect of further central bank tightening and worries about the health of economies worldwide unnerved investors.
- The global price of oil could surge by 40% to around $140 per barrel if a proposed price cap on Russian oil is not adopted, along with sanction exemptions that would allow shipments below that price, a senior U.S. Treasury official said.
- Sri Lankan immigration officials said they prevented the president’s brother and former finance minister Basil Rajapaksa from flying out of the country, as anger mounted against the powerful family for a debilitating economic crisis.
- Dozens of Chinese cities baked in scorching temperatures as heatwaves melted the roofs of buildings and buckled roads and sweltering weather drove people to seek cooler air in underground shelters.
- Ex-finance minister Rishi Sunak and two others start their campaigns today to become Britain’s next prime minister, battling for the support of a Conservative Party deeply split over who should succeed Boris Johnson.
- U.S. Treasury Secretary Janet Yellen on Tuesday acknowledged the Japanese yen’s substantial depreciation in recent weeks, but said the U.S. view remained that currency intervention was warranted only in “rare and exceptional circumstances.
- European Union finance ministers on Tuesday formally approved Croatia becoming the 20th member of the euro common currency at the start of 2023.
Latest updates on Russia – Ukraine Conflicts:
- The European Union has so far frozen 13.8 billion euros ($13.83 billion) worth of assets held by Russian oligarchs, other individuals and entities sanctioned for Moscow’s war against Ukraine, the bloc’s top justice official said on Tuesday.
- Ukraine expects a fresh assault by Russian ground forces, following widespread shelling which killed more than 30 people, as Kyiv’s Western allies brace for a worsening of the global energy crisis if Russia cuts its supply of oil and gas.
- Ukraine said on Tuesday it had carried out a long-range rocket strike against Russian forces and military equipment in southern Ukraine, territory it says it is planning to retake in a counter-offensive using hundreds of thousands of troops.
- At least seven people were killed and 70 wounded in an overnight missile attack by Ukrainian forces on the Russian-held town of Nova Kakhovka in Ukraine’s southern Kherson region, the Russian-installed administration there said on Tuesday.
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

TP Global FX Research Team
With a decade of Forex Market insight, TP Global FX Research Team delivers you the Market Insight that boosts your Trading Skills