Wednesday Briefing: From DXY to Latest Russia – Ukraine Conflicts; July 27, 2022

US Dollar Index Overview

  • The DXY moves in rigid boundaries and consolidates around 107.00 mark.
  • It made intraday high at 107.14 and low at 106.78 mark.
  • A day Chart and H1 chart with triple EMA suggest up trend for the time being.
  • Immediate hurdles are seen at 107.31 to 106.80 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:

  • A 7.1 magnitude earthquake struck the northern Philippine island of Luzon on Wednesday killing four people, damaging buildings and sending strong tremors through the capital, Manila.
  • WHO Europe has forecast just over 27,000 monkeypox cases in 88 countries by Aug. 2.
  • Australia sees the world’s climate emergency as an opportunity to create jobs, the new Labor government said today, introducing legislation to enshrine an emissions reduction target.
  • Minister for Climate and Energy Chris Bowen said clean energy jobs would be created in battery manufacturing, and commodities such as aluminum, lithium, copper, cobalt and nickel.
  • Britain’s rail network faced major disruption again today as staff walked out in a row over pay and conditions, the latest in a wave of industrial unrest as wages fail to keep pace with soaring inflation.
  • The 24-hour strike by more than 40,000 members of the RMT and TSSA unions forced around half of Britain’s rail network to close.
  • Ground staff at Deutsche Lufthansa went on strike today, prompting the cancelation of more than 1,000 flights, and adding to travel disruptions during the busy summer travel season.
  • China must focus on addressing the problem of “unbalanced and inadequate development” in the next five years, Chinese President Xi Jinping told senior leaders this week.

Latest updates on Russia – Ukraine Conflicts:

  • Russia delivered less gas to Europe today, in a further escalation of an energy stand-off between Moscow and the European Union that will make it harder, and costlier, for the bloc to fill up storage ahead of the winter heating season.
  • Turkish Defence Minister Hulusi Akar on Wednesday unveiled a centre in Istanbul to oversee the export of Ukrainian grains after a landmark U.N. deal last week, with the first shipment expected to depart from Black Sea ports within days
  • Germany has approved the sale of 100 tank howitzers worth 1.7 billion euros to Ukraine, magazine Der Spiegel reported, citing a spokesperson for manufacturer Krauss-Maffei Wegmann (KMW).
  • Ukraine’s parliament appointed a lawmaker from President Volodymyr Zelenskiy’s party as prosecutor general on Wednesday, a role in which he will oversee war crimes investigations following Russia’s invasion.

Source: Reuters

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

Take a look and do trade wisely!
Good Luck