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Home Forex News

USD Index comes Under Pressure and Retreats from 108.00

Admin by Admin
November 22, 2022
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The USD index comes under pressure after three daily advances in a row sustained by hawkish remarks from Fed speakers, which somewhat alleviate the speculation around a potential pivot in the Fed’s policy.

The ongoing knee-jerk in the dollar comes amidst a small correction in US yields following the recently marked rebound, while the renewed appetite for the riskier assets also puts the buck under scrutiny.

The dollar faltered just ahead of the 108.00 barriers at the beginning of the week, sparking a corrective move soon afterward pari passu with the recovery in the risk-linked galaxy.

While hawkish Fedspeak maintains the Fed’s pivot narrative in the freezer, upcoming results in US fundamentals would likely play a key role in determining the chances of a slower pace of the Fed’s normalization process in the short term.

The index is retreating 0.39% at 107.35 and the breakdown of 105.34 (monthly low November 15) would open the door to 105.17 (200-day SMA) and finally 104.63 (monthly low August 10). On the other hand, the next-up barrier comes at 107.99 (weekly high November 21) followed by 109.19 (100-day SMA) and then 110.68 (55-day SMA).

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