Tuesday Briefing; May 17, 2022

US Dollar Index Overview

  • The DXY weakens sharply on Tuesday and hits fresh four day low at 103.72 mark.
  • The intraday high is 104.23 and low at 103.72 mark.
  • A day Chart with triple EMA confirms up trend while H1 chart suggests short term downside trend reversal.
  • Immediate hurdles are seen at 103.48 to 103.98 mark.
  • A sustained close of either side on H1 chart requires for the further directions.

On Tuesday, Asian indices were traded higher and this is the reason European markets are too running on a positive note.

In addition, U.K. released Jobless Claims data with positive numbers and sterling strengthens extremely against U.S. dollar. The parity hits highest level since May 05, 2022.

Euro Zone released Flash Employment Change data with flat numbers while flash GDP q/q data beats the expectations. Today US10Y too trading above 2.90 pct.

Now traders eye on the U.S. session and key U.S. indicators to predict the further directions of U.S. dollar.

Take a look and do trade wisely!
Good Luck