EUR/USD 1.16729
0.204%
Gold 4565.89
1.562%
Oil 86.773
-1.021%
USD/JPY 159.232
-0.002%
GBP/USD 1.34675
0.177%
GBP/JPY 214.449
0.186%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
The U.S. Energy Information Administration reported that U.S. gasoline demand rose 1.0% year-on-year in March to 8.853 million barrels per day (compared to a 1.1% decline in February).The U.S. Energy Information Administration reported that U.S. distillate fuel demand rose 0.3% year-on-year in March to 3.904 million barrels per day (compared to a 5.4% increase in February).On May 29th, according to Iranian media Fars News, sources refuted Trumps latest claims about a possible agreement with Iran, stating that his remarks were "half true, half false" and aimed at fabricating a false victory. Almost everyone now sees that Trumps claims are completely unfounded. According to reports, the agreement text, drafted as a "reciprocal commitment," is currently in the final stages of Irans domestic ratification process and no final decision has been made. In stark contrast, Trump has raised issues that contradict the terms of the agreement text. At the same time, he claims he will immediately lift the blockade. Trumps distortions of the core content of the agreement include: 1. Trump claims that Iran is obligated to open the Strait of Hormuz without receiving any fees; however, such a clause does not exist in the agreement text. 2. Trump claims that Iran will dismantle or destroy its nuclear materials. Sources emphasize that not only is there no such content in the memorandum of understanding, but Trumps claim is also utter nonsense. Key terms of the agreement that Trump deliberately avoided mentioning: 1. A crucial point that Trump didnt mention at all: the precondition for immediately unfreezing and paying Iran $12 billion in frozen assets. 2. A ceasefire in Lebanon. 3. Iranian officials also emphasized that the final agreement will be based on the principles and "red lines" of the Islamic Republic of Iran.Russian President Vladimir Putin: Let them hand over the drone wreckage to Russia; we will provide our assessment.According to Irans Fars News Agency, Iranian sources have denied the latest comments made by US President Trump.

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.


Suggestion