Hello everyone, as we all know the market action discounts everything :)
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The dollar was up on Monday morning, kicking off the week strongly, as investors wagered that U.S. inflation data and appearances by key U.S. Federal Reserve officials would enhance the case for interest rate hikes.
The U.S. Dollar Index Futures, which monitors the dollar against a basket of other currencies, had risen 0.19 percent to 95.905.
The USD/JPY exchange rate rose 0.23 percent to 115.81. The Japanese stock exchanges were closed for a holiday.
The AUD/USD pair rose 0.27 percent to 0.7198, while the NZD/USD pair fell 0.07 percent to 0.6775.
The USD/CNY pair fell 0.06 percent to 6.3738 ahead of China's consumer and producer price indexes, which are due on Wednesday.
The USD/GBP exchange rate rose 0.02 percent to 1.3588.
This week, Fed Chairman Jerome Powell and Governor Lael Brainard will speak separately before Senate committees on their nominations to be Fed chair and deputy chair, respectively.
The dollar experienced some selling after a weaker-than-expected December U.S. jobs report, particularly non-farm payrolls, pushed investors out of long dollar holdings. Investors are now looking forward to the release of inflation statistics, particularly the consumer price index, later this week.
However, if money markets fully price in a Fed raise in March 2022, the greenback would likely lose speed and the index would head around 94.
The pound was also somewhat weaker against the US dollar. However, it has been rising because to expectations that the Bank of England (BOE) will raise interest rates in tandem with the Fed.
Resistance points for the DXY :
1) 96.25
2) 96.78
3) 97.09
Support points for the DXY :
1) 95.42
2) 95.10
3) 94.58
This is my personal opinion done with technical analysis of the market price and research online from Fundamental Analysts and News for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.
_________________________________Make sure to Like and Follow if you like the idea_________________________________
The dollar was up on Monday morning, kicking off the week strongly, as investors wagered that U.S. inflation data and appearances by key U.S. Federal Reserve officials would enhance the case for interest rate hikes.
The U.S. Dollar Index Futures, which monitors the dollar against a basket of other currencies, had risen 0.19 percent to 95.905.
The USD/JPY exchange rate rose 0.23 percent to 115.81. The Japanese stock exchanges were closed for a holiday.
The AUD/USD pair rose 0.27 percent to 0.7198, while the NZD/USD pair fell 0.07 percent to 0.6775.
The USD/CNY pair fell 0.06 percent to 6.3738 ahead of China's consumer and producer price indexes, which are due on Wednesday.
The USD/GBP exchange rate rose 0.02 percent to 1.3588.
This week, Fed Chairman Jerome Powell and Governor Lael Brainard will speak separately before Senate committees on their nominations to be Fed chair and deputy chair, respectively.
The dollar experienced some selling after a weaker-than-expected December U.S. jobs report, particularly non-farm payrolls, pushed investors out of long dollar holdings. Investors are now looking forward to the release of inflation statistics, particularly the consumer price index, later this week.
However, if money markets fully price in a Fed raise in March 2022, the greenback would likely lose speed and the index would head around 94.
The pound was also somewhat weaker against the US dollar. However, it has been rising because to expectations that the Bank of England (BOE) will raise interest rates in tandem with the Fed.
Resistance points for the DXY :
1) 96.25
2) 96.78
3) 97.09
Support points for the DXY :
1) 95.42
2) 95.10
3) 94.58
This is my personal opinion done with technical analysis of the market price and research online from Fundamental Analysts and News for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.