Tuesday Briefing: From DXY to Russia – Ukraine Conflicts; May 31, 2022

US Dollar Index Overview

• The DXY rises on Tuesday and hovers around 101.90 mark.
• The intraday high is 102.00 and low at 101.29 mark.
• A day Chart with triple EMA and H1 chart suggest up trend for the time being.
• Immediate hurdles are seen at 102.15 to 101.70 mark.
• A sustained close of either side on H1 chart requires for the further directions.

Key Headlines for the FX market:

• Canada’s government introduced legislation to implement a “national freeze” on the sale and purchase of handguns as part of a gun control package that would also limit magazine capacities and ban some toys that look like guns – Reuters.
• Authorities worked overnight to clear highways blocked by mudslides along Mexico’s southern coast as Tropical Storm Agatha barrelled down on the country, bringing torrential rains and strong wind – Reuters.
• Shanghai authorities began dismantling fences around housing compounds and ripping police tape off public squares and buildings, to the relief of the city’s 25 million residents, before a painful two-month lockdown is lifted at midnight – Reuters.
• Australia’s center-left Labor party has secured enough seats in the lower house of parliament to govern in its own right, the country’s new prime minister said, letting it form government without the support of independents or minor parties – Reuters.
• Euro zone inflation rose to yet another record high in May, challenging the European Central Bank view that gradual interest rate increases from July will be enough to tame stubbornly high price growth – Reuters.
• If you assumed crypto was just a young person’s game, think again. More people in the United States than ever before are turning to cryptocurrencies to help fund their retirement – Reuters.

Latest updates on Russia – Ukraine Conflicts:

• Ukrainian forces were still holding out in Sievierodonetsk, resisting Russia’s all-out assault to capture a bombed-out wasteland that Moscow has made the principal objective of its invasion in recent days – Reuters.
• Both sides said Russian forces now controlled between a third and half of the city. Russia’s separatist proxies acknowledged that capturing it was taking longer than hoped, despite one of the biggest ground assaults of the war – Reuters.
• Russian diesel exports to Europe drop in May, but yet to nosedive, reports Reuters.
• Ukraine, West must act to resolve food crisis: Russia’s Lavrov.
• In major blow, EU bans imports of most Russian oil, reports AP.
• Denmark holds referendum on EU defence amid Ukraine war.
• Russians advance toward centre of key town in Ukraine’s Donbas.
• Russia’s Gazprom says has suspended gas supplies to Netherlands.
• EU leaders agree to ban 90% of Russian oil by year-end.

Source: Times of india

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

Take a look and do trade wisely!
Good Luck