USD Gains Momentum
The US dollar index breaks one resistance after another. Read the report to learn the next target for the US dollar index!
Daily News: Tuesday, March 13
The US dollar index has increased since yesterday. It led to changes in markets. Let’s see.
- After the yesterday rally based on the US jobs data, Asian stocks showed mixed figures. The reason is today’s US inflation readings (at 14:30 MT time). CPI is one of the major indicators that determine the Fed’s monetary policy. According to forecasts, both headline CPI and core CPI are anticipated to be weaker.
- The greenback strengthened against the yen. The Japanese currency is falling because of a scandal with finance minister Aso related to the school land sale.
- The Australian dollar was not supported by today’s data. Business conditions showed the highest measure since 1997 when the monthly survey was introduced. However, business confidence fell (9 vs 11). AUD/USD is falling.
- The pound is falling ahead of the Spring Statement that the UK finance minister Mr. Hammond will present today at 13:30 MT time. Despite the fact that he moved the main budget announcement to the autumn and reduced the statement, we can anticipate updated economic and public finance forecast and ideas on possible tax reforms. Comments of the Office for Budget Responsibility on the Brexit divorce bill will affect the market. Moreover, this week EU27 government officials discuss the European Union’s Brexit position.
- The euro is quite lower today. No important data is anticipated on subsequent days. The pair is still moving in a range of 1.2260-1.2360.
- No more changes in currency pairs. The kiwi is continuing to rise, moving to the resistance at 0.7340. The loonie is depreciating against the greenback. The pair is continuing to move above the support line, now it is trading above 1.2850. The resistance lies at 1.29.
- Both oil benchmarks WTI and Brent fell on Tuesday after the Monday report of the Energy Information Administration. According to the EIA, crude production from seven major US shale formations will rise by 131,000 barrels per day in April. The latest weekly US production report will be published tomorrow at 16:30 MT time. Let’s follow.
UK finance minister Philip Hammond
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