Two Factors Contributing to a Stronger Dollar this Week
The US dollar has soared against major currencies. Strikes in the UK have exacerbated existing supply chain issues impacting GBP/USD, and fears about the European energy crisis has sent the Euro plummeting back below parity. Additionally, increased expectations for a more hawkish Fed have contributed to higher yields, also boosting the dollar strength. We have already hit our target of 108.50, but some red triangles on the KRI are starting to indicate resistance here. If we can break through this target, we have a high at 109.28 or so, then the next target is 109.86. If we retrace, then 107.20 should provide support.
Join my discord at discord.io/quantguy
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.