Tuesday Briefing: From DXY to Latest Russia – Ukraine Conflicts; July 19, 2022
US Dollar Index Overview
- The DXY depreciates on Tuesday and hovers around 106.50 mark.
- It made intraday high at 107.62 and low at 106.40 mark.
- A day Chart is up and H1 chart with triple EMA suggests down trend for the time being.
- Immediate hurdles are seen at 106.99 to 106.39 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:
- Britain recorded its highest ever temperature of 39.1C, according to provisional data from the Met Office, which forecast even hotter weather to come from a heatwave that has already damaged airport runways and rail tracks.
- As the heatwave that settled over southern Europe last week edged northwards, southern and western Germany and Belgium were also braced for potentially record-breaking temperatures.
- The race to replace British Prime Minister Boris Johnson heated up, with four contenders offering more policies to try to climb to the top two in a divisive leadership contest that is splitting the governing Conservative Party.
- European Central Bank policymakers are considering raising interest rates by a bigger-than-expected 50 basis points at their meeting on Thursday to tame record-high inflation.
Latest updates on Russia – Ukraine Conflicts:
- Russian President Vladimir Putin will visit Tehran today for talks with Iranian Supreme Leader Ayatollah Ali Khamenei, the Kremlin leader’s first trip outside the former Soviet Union since Moscow’s February 24 invasion of Ukraine.
- Russian forces kept up their bombardment of cities across Ukraine, with intense shelling of Sumy in the north, cluster bombs targeting Mykolaiv and a missile strike in Odesa in the south, authorities said.
- Russia is seeking payment in United Arab Emirates dirhams for oil exports to some Indian customers, as Moscow moves away from the U.S. dollar to insulate itself from the effects of Western sanctions.
- Ukrainian farmer Mykola Tereshchenko hopes to start harvesting his wheat fields this week, but the smallholder in northern Ukraine has nowhere to store the grain.
Keep an eye open for the latest news and fundamentals affecting the FX markets.
Take a look and do trade wisely!