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The on the defensive is soft following its two-day rebound, as markets await fresh CPI inflation figures from the US and the European Central Bank’s monetary policy decision
The pair finds support at the start of the European session, following yesterday’s drop to the lowest level since May 2020 and its worst week since the pandemic
In yesterday's testimony before the House Financial Service Committee on Capitol Hill, Fed Chair Jerome Powell suggested a 25bps hike on 16 March. This increase comes as the financial market reel following Russia's invasion of Ukraine. Mr. Powell said that "[i]t's too soon to say for sure, but for now...we will proceed carefully along the lines of [the] plan" proposed before the Ukraine invasion (barrons.com). Inflation is at levels that…
The pair stays on the back foot, setting new lows, as the war in Ukraine enters its seventh day and markets await Mr Powell’s testimony in US Congress
Immediate overhead resistance is currently keeping the dollar in check.
The pair plunged on Thursday, on risk aversion sparked by the Russian attack in Ukraine, but reacted during the US hours and today it is cautious as the European session gets underway
The Japanese Yen drops today as markets try to move beyond yesterday’s recognition by Russia of separatist territories and the subsequent risk aversion
USDOLLAR Weekly Trend The chart below shows FXCM's dollar basket, USDOLLAR. First, price indicates a series of higher troughs followed by higher peaks, which is the classical definition of an uptrend. Next, we assess if the candle ending 11 Feb is the next higher trough in the series (HT?). To this end, last week's candle (green arrow) did not close above the aqua horizontal, which is our requirement for a…
The pair is helped higher by increased hopes of a diplomatic solution around Ukraine and moderated expectations around the Fed’s rate hikes path
Renewed hopes around the situation in Ukraine turns markets away from safe-havens such as the Japanese Yen, helping the pair rise
Sentiment got a lift from news of upcoming meeting between the foreign ministers of US and Russia, helping the pair extend yesterday’s gains, along with a moderation in Fed expectations
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