Wednesday Briefing: From DXY to Latest Russia – Ukraine Conflicts; June 22, 2022

US Dollar Index Overview

  • The DXY erases Asian hours gain and currently remains well supported below 104.50 mark.
  • The intraday high is 104.94 and low at 104.29 mark.
  • A day Chart is up and H1 chart with triple EMA suggests bearish trend for the time being.
  • Immediate hurdles are seen at 104.68 to 104.15 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:

  • An earthquake of magnitude 6.1 killed 920 people in Afghanistan, disaster management officials said, with more than 600 injured and the toll expected to grow as information trickles in from remote mountain village.
  • Israel moved closer to its fifth election in less than four years after lawmakers gave an initial nod to dissolve parliament, with a comeback by former Prime Minister Benjamin Netanyahu already dominating the campaign.
  • Authorities in Bangladesh intensified efforts to deliver food and drinking water to millions of people struggling after heavy rain unleashed catastrophic flooding across a quarter of the country.
  • The U.S. Senate took an initial step towards passing the country’s first major gun-control legislation in decades, galvanized by two mass shootings in a nation that has long struggled to curb chronic gun violence.
  • U.S. President Joe Biden will call on Congress to pass a three-month suspension of the federal gasoline tax to help combat record pump prices, according to a senior administration official.

Latest updates on Russia – Ukraine Conflicts:

  • Russian forces pounded Ukraine’s second largest city Kharkiv and surrounding countryside with rockets, killing at least 15 people, in what Kyiv called a bid to force it to pull resources from the main battlefield to protect civilians from attack.
  • The Russian strikes on Kharkiv, throughout Tuesday and continuing on Wednesday morning, were the worst for weeks in the area where normal life had been returning since Ukraine pushed Russian forces back in a major counter-offensive last month.
  • Seven Russian missiles hit the southern Ukrainian city of Mykolaiv, regional governor Vitaliy Kim said.
  • Indonesian President and G20 chairman Joko Widodo will meet leaders of Ukraine and Russia next week to advocate for peace and try to help ease a global food crisis, his foreign minister said, the first such trip by an Asian leader.
  • Russian and Turkish delegations have agreed to continue consultations on safe vessel departures and grain exports from Ukrainian ports, the Russian defense ministry said.

Source: Reuters

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

Take a look and do trade wisely!
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