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Iranian government spokesperson: The unity of the people enabled the country to overcome difficult times and achieve victory.On June 15th, Israeli Defense Minister Netanyahu stated: "Prime Minister Netanyahu and I are leading a clear policy that the Israel Defense Forces will remain in the safe zones of Lebanon, Syria, and Gaza. We will clear the areas of local residents and all hostile infrastructure, including houses in villages bordering enemy territory. Taking territory and safe zones is one of the IDFs greatest achievements in this war. If Iran attacks Israel because of the events in Lebanon, we will attack Iran." Netanyahu has clearly informed Trump and other senior U.S. officials of these matters.On June 15th, European Central Bank President Christine Lagarde stated that high energy prices are beginning to spread to other sectors of the economy. She said, "Weve started to see the indirect effects of inflation almost everywhere in recent weeks." The ECB raised interest rates last week for the first time since 2023, as the Middle East war exacerbated price pressures. Officials did not rule out a second rate hike immediately at the July meeting, with policymakers, including Bundesbank President Jean-Claude Nagel, saying that even if the war in Iran ends soon, prices could remain high. However, rising borrowing costs have raised concerns among some ECB watchers about the economic impact. "I hear criticism—often from France, and I understand that criticism—saying, We are taking measures that will stifle economic growth," Lagarde said. "But I must curb inflation if it is awakened, because once inflation gets out of control, it will be much more difficult and costly to bring it back under control. Prolonged inflation is unacceptable for consumers and businesses, and I would have failed in my mission."Ukrainian President Volodymyr Zelensky called on the G7 to increase pressure on Russia and strengthen support for Ukraines air defense.European Central Bank President Christine Lagarde: Common euro debt is a necessary condition for the success of a capital markets union.

Price Analysis of the US Dollar Index: DXY Retreats from 104.00, Rising Wedge Anticipated

Alina Haynes

May 12, 2022 10:27

During Thursday's Asian session, the US Dollar Index (DXY) fails to continue the previous two days' upward momentum, trading on the defensive around 103.95.

 

In doing so, the dollar index remains near the 20-year high reached earlier in the week, but for the first time in three days, the daily decline is recorded.

 

In addition to highlighting a 12-day-old rising wedge bearish pattern surrounding the multi-day top, the DXY's most recent decline also reveals a multi-day top-adjacent rising wedge formation. The slow RSI also highlights the significance of the chart pattern.

 

However, a decisive breach below 102.90 is required to validate the potential decline to 101.30.

 

During the fall, the 100-SMA and monthly low between 102.65 and 102.35 will serve as intermediate stops.

 

Until the quote continues below the indicated wedge's resistance line, approximately 104.30 as of press time, a recovery appears elusive.

 

After that, a slow climb to the September 2002 high of 109.80 cannot be ruled out.

Four-hour DXY chart

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