Wednesday Briefing: From DXY to Latest Global FX Headlines: May 25, 2022

US Dollar Index Overview

  • The DXY strengthens on Wednesday and breaks key resistance at 102.35 mark.
  • The intraday high is 102.44 and low at 101.72 mark.
  • A day Chart with triple EMA confirms bullish trend while H1 chart suggests down trend for the time being.
  • Immediate hurdles are seen at 102.65 to 102.09 mark.
  • A sustained close of either side on H1 chart requires for the further directions.

Key Headlines for the FX market:

  • A gunman murdered 19 children and two teachers in the deadliest U.S. school shooting for nearly a decade, prompting President Joe Biden to urge Americans to confront the country’s gun lobby and pressure Congress to tighten gun law – Reuters.
  • Georgia Republicans dealt Donald Trump his biggest defeat in his bid to play kingmaker in this year’s midterm elections, choosing Governor Brian Kemp and Secretary of State Brad Raffensperger despite Trump’s efforts to oust them – Reuters.
  • Biden’s public approval rating fell this week to 36%, the lowest level of his presidency, as Americans suffered from rising inflation, according to a Reuters/Ipsos opinion poll – Reuters.
  • North Korea fired three missiles, including one thought to be its largest intercontinental ballistic missile, after Biden ended an Asia trip in which he agreed to new measures to deter the nuclear-armed state – Reuters.
  • The United States pushed Russia closer to the brink of a historic debt default by not extending its license to pay bondholders, as Washington ramps up pressure on the country – Reuters.

Latest updates on Russia – Ukraine Conflicts:

  • A Russian force launched offensives on towns in eastern Ukraine with constant mortar bombardment destroying several houses and killing civilians, Ukrainian officials said, as Russia focuses its attack on the industrial Donbas region – Reuters.
  • Russia is ready to provide a humanitarian corridor for vessels carrying food to leave Ukraine, in return for the lifting of some sanctions, the Interfax news agency cited Russian Deputy Foreign Minister Andrei Rudenko as saying – Reuters.
  • UK defence minister welcomes suggestion “nations in the Black Sea” could escort grain ships from Ukraine.
  • Sweden, Finland delegations in Turkey for Nato talks.
  • Zelenskyy says Ukraine won’t give up.
  • Russia sets conditions for movement of ships carrying food through Ukraine ports.
  • West lacking ‘unity’ over Ukraine war, Zelenskyy says at Davos.
  • Russian Defence Minister Sergei Shoigu has made it clear that Russia is settling in for a long war.
  • George Soros: Ukraine may be start of third World War.
  • Hungary’s Orban imposes state of emergency as result of Ukraine war.

Source: Timesofindia

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

Take a look and do trade wisely!
Good Luck