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.
Monday News: Commodities Price Issues
While Russia is becoming an economic outcast despite its rich commodities, the rest of the world is starting to feel the effects of the sanctions.
XBR rose 10% after briefly hitting $139 a barrel. The resistance now is 130.00, the support is 123.80.
High energy prices threaten to dampen global growth, and this risk is causing market turmoil.
Palladium and copper hit historic highs, for example, palladium is $3000. Gold retreated to $1980 after touching $2000.
Grain, metals and energy have risen on fears of chaos in the flow of raw materials due to the invasion and sanctions against Russia, which turn the resource giant into a global outcast.
Commodity-linked currencies, such as the Australian dollar, have strengthened. Now it’s on $0.74260 level.
A growing number of companies have curtailed their operations in Russia, including streaming giant Netflix Inc. and social media service TikTok, owned by China's ByteDance Ltd.
CHF retreated against the dollar after a board member of the Swiss National Bank said it was ready to intervene to stop the rapid advance. USDCHF is approximately $0.92075.
Have a good trading day!
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…
On the H4 timeframe, the US dollar index has formed a bullish falling wedge. At the beginning of the trading session, the price is testing the upper border of this wedge. Thus, in case of a higher-than-expected Core PCE Price Index m/m, the US dollar will skyrocket against other currencies.
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.
The United States Bureau of Labor Statistics will publish the US Consumer Price Index (CPI) m/m on January 12 at 15:30 GMT+2. The index measures a change in the price of goods and services purchased by consumers.
2022 was rough: inflation, energy crisis, and plenty of other controversial situations…