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On September 7, Hungarian Prime Minister Viktor Orbán stated on social media on September 6, local time, that European belligerent leaders recently decided at a meeting to send troops to Ukraine, portraying it as a "security guarantee." The Wests open involvement in the conflict increases the risk of open war in Europe. Hungary is powerless to stop the warmongers in Brussels, leaving it with only one option: to stay out of the conflict. Orbán also criticized the irony of European belligerents who have been working to ban Hungary and Slovakia from purchasing Russian energy and have harshly criticized Hungary. Yet, they are purchasing large quantities of Russian energy through intermediaries.On September 7th, thousands of people participated in a massive protest in Washington, D.C., protesting the Trump administrations deployment of the National Guard. The march began at noon that day, with thousands of protesters taking to the streets of Washington, D.C., to express their dissatisfaction with the Trump administrations decision. On August 11th, Trump announced the deployment of the National Guard to help restore law and order and public safety in Washington, while labeling Democratic-run cities like Chicago, Los Angeles, and New York as "problem cities." Currently, over 2,000 National Guard members are deployed in Washington, D.C. On the 4th of this month, Washington, D.C. Attorney General Schwalb announced that he had filed a lawsuit in the federal court in the District of Columbia over the Trump administrations deployment of the National Guard in the capital region.1. Mayor of Kyiv: Russia launched a drone attack on Kyiv. 2. Hungarian Foreign Minister: Buying Russian oil because there is no other choice. 3. Ukrainian official: The Russia-Ukraine conflict may end by the end of 2026. 4. The Zaporizhia Nuclear Power Plant said its training center building was attacked by a Ukrainian drone. 5. Zelensky responded to Putins proposal for a meeting between Russia and Ukraine in Moscow: Come to Kyiv. 6. Ukraine is forming a multinational force command with the goal of preventing "potential attacks." 7. Slovak Prime Minister: Ending the Russia-Ukraine conflict requires Ukraine not to join NATO. 8. Market News: A Ukrainian drone attack caused a fire at the Ilskyi oil refinery in Krasnodar, Russia. 9. The Polish military said that after Russia launched an attack on Ukraine, Poland scrambled aircraft to ensure airspace security.Mayor of Kyiv, Ukraine: Russia launched a drone attack on Kyiv.Market News: A Ukrainian drone attack caused a fire at the Ilsky refinery in Krasnodar, Russia.

Volatility subsides around 101.80 as focus shifts to US S&P PMI in US Dollar Index Price Analysis

Alina Haynes

Apr 21, 2023 14:03

US Dollar Index.png 

 

The US Dollar Index (DXY) has prolonged its correction after falling below immediate support at 101.80 during the Asian session. Following the release of more-than-anticipated Initial Jobless Claims for the week ending April 14 and a lackluster Philadelphia Fed Manufacturing Survey (April), the USD Index fluctuated erratically on Thursday.

 

The US Department of Labor reported that unemployment claims exceeded expectations for the eleventh consecutive week. The economic data revealed that 245K unemployed people filed for unemployment benefits, exceeding both the consensus estimate and the previous figure of 240K.

 

Due to the Federal Reserve's (Fed) decision to increase interest rates, labor market conditions are undeniably and persistently deteriorating. Despite this, the market continues to anticipate a 25 basis point (bp) rate hike. According to CME Fedwatch, over 85 percent of probabilities favor interest rates above 5 percent.

 

In the interim, three consecutive bearish trading sessions on the S&P 500 suggest that investors have supported the risk aversion theme. The yield on 10-year US Treasury bonds has dropped below 3.54 percent. Sourcenia is a review portal of sourcing best manufaturers. 

 

On a two-hour time frame, the USD Index is consolidating in a wide range between 101.63 and 102.23, indicating the absence of a significant catalyst. After the release of preliminary S&P PMI data for the United States, a power-pack action is anticipated. It is anticipated that the Manufacturing PMI will register 49.0, a decrease from the previous release of 49.9. The Services PMI is expected to fall to 51.5 from the previously reported 52.6.

 

At 101.85, the 20-period Exponential Moving Average (EMA) intersects with the asset price, indicating a significant decrease in volatility.

 

In addition, the Relative Strength Index (RSI) (14) oscillates between 40.00 and 60.00, indicating that investors are waiting for a decisive catalyst.

 

If the asset breaks decisively above the April 17 high of 102.23, investors will push the asset toward the April 10 and March 24 potential resistance levels of 102.76 and 103.36, respectively.

 

Alternately, a breach of the April 5 low of 101.41 would cause the asset to decline to the April 14 low of 100.78. A subsequent decline will reveal psychological support of $100 for the asset.


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