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Interfax news agency quoted the Russian deputy prime minister as saying that the ban on Russian gasoline exports will be extended until the end of this year, and the ban will be lifted "after the market recovers".The Russian-appointed governor said the death toll from the attack on a holiday camp in the Russian-controlled Zaporizhia region of Ukraine has risen to 11, including four children.On July 25, Syrian Transitional Government President Ayatollah Shah met with UN Secretary-General António Guterres and his delegation in Damascus, the capital. Syrian Transitional Government Foreign Minister Ayatollah Shibani and several other officials were also present. During the meeting, the two sides discussed ways to strengthen cooperation between Syria and the United Nations in the fields of humanitarian aid and development, support reconstruction efforts, and reaffirmed their respect for Syrias sovereignty, unity, and territorial integrity.On July 25, satellite images released by Iran showed that a US military ammunition depot at King Faisal Air Base in Jordan was completely destroyed. This came a day after Iran claimed to have struck US bases in the region. Jordan, meanwhile, stated that its air defense system and the Royal Jordanian Air Force intercepted and shot down seven missiles and six drones fired from Iranian airspace towards Jordanian territory on July 24.The Security Service of Ukraine (SBU) stated that Ukraine attacked the Russian Filanovsky oil platform and two cargo ships in the Caspian Sea.

US Dollar Index reaffirms 20-year high on Ukraine-related news

Alina Haynes

Sep 26, 2022 14:32

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While risk aversion rises on Monday morning, the US Dollar Index (DXY) is still bullish over 113.80. It recently reclaimed the 20-year high above 114.70. In addition to bad attitude, Fed members' hawkish views also assist the US currency.

 

The head of the Federal Reserve, Jerome Powell, said, "We are committed to deploying our tools," on Friday. Fed Vice Chair Lael Brainard then added that low-income people are feeling the effects of "hard" inflation. Despite the economy's continuing speed, Atlanta Federal Reserve President Raphael Bostic told CBS' "Face the Nation" over the weekend that he still believes the central bank can cut inflation without substantial job losses.

 

Recent US S&P Global PMIs for August, issued on Friday, showed an increase in the Manufacturing index to 51.8 from 51.5, and an increase in the Services index to 49.0 from 44.6.

 

The president of Ukraine, Zelenskiy, was recently mentioned on a different page of a CBS article as saying, "Putin's nuclear threats may have been a bluff, but now it may be a reality." While Russia's foreign minister said annexing territory hosting widely criticized referendums would be met with complete protection from Moscow, the United States warned of "catastrophic ramifications" if Moscow utilized nuclear weapons in Ukraine.

 

Despite the Fed's hawkish attitude and rate increase, risk aversion gripped Wall Street, and rates helped the US currency stay higher. Although this occurs, S&P 500 Futures only fall by a few points as 10-year US Treasury yields climb by four basis points to 3.74 percent.

 

The US dollar index's future strength against major currencies may be aided by investors' reluctance to take on additional risk. Still, comments from Fed Chair Powell and US Durable Goods Orders are major triggers to keep an eye on for clues about the market's future course.

 

A daily close above 114.00, which coincides with a higher-trending resistance line from May, is needed for the DXY bulls to keep control. Dollar investors, however, should be wary of the indicator's current overbought reading of 14.


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