U.S. Dollar Maintains Gains |

The finished little changed yesterday but is still holding on to all its gains this week. The dollar index edged 0.03% lower to 92.26, rising 0.11% to 92.36 in Asia today. The dollar index’s downside breakout point last week was at 92.60, and this is my initial resistance level. Support is distant at the 91.80 double bottom, followed by the more import 91.50 level, which is also the 100-day moving average. A firm should see the greenback strengthen once again as the taper-nistas return to the fold. I suspect that more than a little risk-hedging buying has been supporting the US Dollar these last few days, and I expect that to continue into the US data.

continued moving lower yesterday and has fallen another 0.10% to 1.1820 in Asia. Most of the weakness is due to selling after the left policy unchanged yesterday but hinted at future tapering. That has lifted , with a rise through 1.4000 signalling a 250+ point rally. EUR/GBP fell 0.35% to 0.8493 yesterday, just shy of the April low at 0.8472. A daily close below 0.8472 would be a breakout of EUR/GBP’s multi-month 0.8470/0.8720 range, and the cross could fall to 0.8250 in the weeks ahead in this scenario.

remains anchored at 6.4650, a situation I don’t expect to change until next week at the earliest. Regional Asian currencies range-traded yesterday. The , , , and made modest gains, but the Thai Baht remains under severe pressure after a dovish Bank of Thailand and the increasing onslaught of Covid-19. has risen to 33.388 today and could well tell 34.000 next week if the virus situation does not rapidly improve. I wouldn’t be breaking the champagne out yet on the Ringgit or Rupiah either. The RBI will be good for some volatility in USD/INR soon. USD/INR is trading at 74.000 at the moment, and it wouldn’t surprise me post-decision if it traded at either 73.80 or 74.40; just don’t ask me which side it will be.

Original Post

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Most Related Links :
Business News Governmental News Finance News

Need Your Help Today. Your $1 can change life.

[charitable_donation_form campaign_id=57167]

Source link

Back to top button