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2021-01-11 • Updated
On the one side, we have a clear fundamental factor: political opposition in the US has become considerably tense. The so-far-US-President Donald Trump is facing the possibility of impeachment. Riots get to the point of breaking into the Capitol.
On the other side, we have a clear technical observation: the USD has significantly gained. Do these two have a causal link? Pretty much. The end of the last week was when things started going of control in the Capitol; that’s exactly when the US dollar started taking over its peers in Forex and getting stronger.
Therefore, we have to assume that once the situation is back to normal or loses tension in the US, the USD should get back to the softer side. Here is the layout.
This currency pair was on the way to 1.2350 when riots broke out in the streets. The plunge was imminent, and currently, the pair trades at 1.2150. It’s the three-week resistance formed by the low of December 22. It will likely bounce upwards or stay consolidated at this level if things don’t get worse.
Against the Japanese yen, the US dollar went as high as 104.00. Currently, it stays there. However, even if the fundamental background favors the same upward trajectory, technical correction down to 103.60 or above seems a plausible expectation.
The British pound did not resist the USD’s appreciation. It lefts the heights of 1.3630 and descended below 1.35. Technically, 1.34 is the center of gravity here. Therefore, after a brief consolidation at the current level, GBP/USD may well go down there if the fundamental background stays as controversial as it is now in the US. 1.3440 would be the intermediate support level to be checked by bears in the downward scenario.
The Crypto market usually also has a rough time in September. Bitcoin lost 12.7% in September 2021, 17.4% in 2020, 17.5% in 2018, 21.4% in 2017 and 45.4% in 2015. The main cryptocurrency increased by 13.3% and 3.95% in 2016 and 2019, respectively.
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In September 2022, USDSGD almost retested its peak of March 2020. The pair spiked above the 1.4400 level, driven by the strong US Dollar. Despite the obvious dominance of the USD, analysts believe that the Singapore dollar may be the one exotic currency worth our attention. Why do they share this opinion, and should we believe them?
A United Nations agency is warning that the central bank’s actions create a high risk of pushing the global economy into recession.
Inflation in New Zealand is the highest since 1990, edging to 7.3% in Q2 2022. The currency is under heavy pressure as the Reserve Bank of New Zealand is trying to reverse the inflationary spiral. The week ahead will give us a valuable clue about the country’s monetary policy, and we are here to talk about that.
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