Forex today: it seems like the USD found a support

Forex today: it seems like the USD found a support

  • The US dollar is rising for the second day. There is no dramatic news for the greenback, so it is able to strengthen. The US dollar index has climbed above 89.
  • The pound showed a big volatility yesterday, however, it managed to strengthen today. The GBP/USD pair is trading in the range of 1.4170. The pound is rising because the UK government is anticipated to propose a new solution to avoid hard border in Ireland.

GBPUSDDaily1.png

  • The New Zealand Dollar has continued to fall as the ANZ Business Confidence data was weaker than the previous one. Moreover, the data is negative (-20.0) that represents a poor economic situation in the country.
  • An important geopolitical event! The North Korean leader Kim Jong Un visited China. It was his first known journey abroad since he assumed power in 2011. The main issue was denuclearization.

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  • Based on this news, the yen lost some points. The USD/JPY pair returned above 105.50. If it is able to break the 61.8 Fibonacci retracements, the next psychological level is 106.20.

USDJPYDaily.png

  • Other currency pairs move in the same direction as there is no important data in the next few days.
  • Crude oil benchmarks are falling for the third day. The drop was extended by the Tuesday news about the surge of American crude storage. Moreover, Crude Oil Inventories data is anticipated today at 16:30 MT time. If actual is greater than the forecast one, oil may fall further. WTI fell to $64.58 a barrel, Brent to $68.92.

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  • Stocks declined because of the tech equities sell-off. S&P 500 fell by 1.7%. An attention of investors will be focused on Facebook Inc. Mark Zuckerberg will testify before the U.S. House Energy and Commerce Committee on April 12.

Similar

USD Holds the Line
USD Holds the Line

The US dollar index keeps rounding above the 103.60 historical support level. The buyers have already defended this level for three weeks, highlighting their interest in the greenback. Thus, buying USD looks less risky right now. 

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Happy Monday, dear traders! Hope you had a great weekend and you’re ready for the last trading week in 2022! Later this week we’ll announce some exciting news for you, but now let’s look through some interesting news!  Today’s events: USA, UK, Hong…

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This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.

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S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.

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