Tuesday Briefing: From DXY to Latest Russia – Ukraine Conflicts; June 14, 2022
US Dollar Index Overview
- The DXY enjoys roller coaster movement on Tuesday and stabilizes around 105.00 mark.
- The intraday high is 105.26 and low at 104.62 mark.
- A day Chart and H1 chart with triple EMA suggest bullish trend for the time being.
- Immediate hurdles are seen at 105.27 to 104.62 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:
- Eroding U.S. inflation data and fast-changing views in financial markets have opened the door to a larger-than-expected three-quarter-percentage point interest rate increase when Federal Reserve officials meet this week.
- The Bank of Japan ramped up bond buying as its yield cap came under renewed pressure from rising global interest rates, highlighting its difficulty in remaining a dovish outlier in a global wave of monetary tightening.
- While the S&P 500 confirmed that it has been in a bear market since January, many of the benchmark’s components are in far worse shape following months of fear-driven selling related to rising interest rates and worries about the economy.
- Bitcoin neared a price level that could force software firm MicroStrategy to stake more tokens against a bitcoin-backed loan or trigger selling of some of its vast holdings, setting fragile cryptocurrency markets on edge.
- Elon Musk will speak to Twitter employees this week for the first time at a company-wide meeting since launching his $44 billion bid in April, a source said.
- Authorities in China’s capital warned that a COVID-19 surge in cases linked to a 24-hour bar was critical and the city of 22 million was in a “race against time” to get to grips with its most serious outbreak since the pandemic began.
- Sri Lanka has approved a four-day work week for public sector workers to help them cope with a chronic fuel shortage and encourage them to grow food, the government said, as it struggles with its worst financial crisis in decades.
Latest updates on Russia – Ukraine Conflicts:
- Ukraine said its forces were still holding out inside Sievierodonetsk and trying to evacuate civilians, after Russia destroyed the last bridge to the devastated eastern city in a potential turning point in one of the war’s bloodiest battles.
- “The situation is very difficult but there is communication with the city” despite the last bridge over the Siverskyi Donets river having been destroyed, said the Ukrainian mayor of Sievierodonetsk, Oleksandr Stryuk.”
- Russian troops are trying to storm the city, but the military is holding firm.
- Pope Francis has taken a new series of swipes at Russia for its actions in Ukraine, saying its troops were brutal, cruel and ferocious, while praising “brave” Ukrainians for fighting for survival.
Keep an eye open for the latest news and fundamentals affecting the FX markets.
Take a look and do trade wisely!