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Will the U.S. Dollar Rise as the Dollar Index Recovers to 102?

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Will the U.S. Dollar Rise as the Dollar Index Recovers to 102?

07.06.2022

Today's Highlights
  1. Housing Prices in Halifax, UK
  2. U.S. Consumer Credit Balances

In the U.S. currency market the previous day, the Dollar Index recovered to 102.6, while the EUR/USD fell by about 80 pips from 1.075 to 1.067.From a technical perspective, the EUR/USD pair is forming a head-and-shoulders pattern on the 4-hour chart and is currently being capped by the 75-day moving average (MA) on the daily chart. If the U.S. dollar strengthens following today’s economic data releases during U.S. trading hours, traders should be on guard for further declines.

Among European currencies, the euro remained in a stalemate against the modestly rising Oceania currencies, with the EUR/AUD pair trading in a range between 1.481 and 1.491.On the daily chart, the pair is entering a consolidation phase characterized by lower highs and higher lows, and a wait-and-see sentiment is spreading ahead of the ECB’s policy rate announcement scheduled for the day after tomorrow.

Today’s schedule includes German manufacturing orders and UK Halifax house prices at 15:00 European time; the UK services PMI at 17:30; and South Africa’s first-quarter GDP at 18:30. During U.S. trading hours, the Canadian trade balance and U.S. trade balance are scheduled for 21:30,at 23:00, the Canadian Ivey Purchasing Managers’ Index; at 26:00, the U.S. 3-year Treasury auction; and at 28:00, U.S. consumer credit balances. We will carefully assess whether the momentum of the rising U.S. dollar will continue.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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