Dollar falls after Jerome Powell’s speech and focus on US inflation figures

The US dollar fell sharply to its lowest level since last November, following a central bank chairman before the US Senate Banking Committee.

It fell to 95.55, the lowest level since last November, while the British pound rose to 1.3640 and the euro to 1.1377.

European stock markets rebounded yesterday on the back of US stock markets beginning to slide this year.

European stock markets are expected to rise as investors focus on US inflation figures for December, with the US stock index recovering and the Asian stock index positive.

Insisting on raising interest rates next March, Mr. Powell’s speech yesterday was a strong indication of inflation figures today, with expectations that inflation in the United States will reach 7%, the highest level in 40 years.

It saw a rise, pointing to buy from the $ 1790 level, with expectations that we will see further rises as long as the $ 1800 support level remains.

The EUR / USD reached the buying target from 1.1280, with expectations that we will see strong resistance near 1.1385.

Euro Dollar

Build a strong base near 1.1270 and the pair will be in the narrow range between the 1.1270 support level and 1.1385.

Moving above 1.1385 may push the test to 1.1440 and then 1.1500.

Pound sterling against the dollar

It continued its rise and is trading near the resistance level of 1.3680 with the possibility of rising towards 1.3700 before the expected decline.

USDJPY

The stock is trading in the uptrend, with the possibility of moving towards 118.00 in the medium term, until the support level is 114.75.

See also  Palladium is at $ 3,000 an ounce, while gold is up 1.6 percent

A break and a day ending below 114.75 could push the decline towards 113.50.

Gold against the US dollar

It has been trading on the upswing even after reaching the buying target. Gold is upside in the short term, and moving above $ 1,830 is the most important, with $ 1,860 and $ 1,830 likely to test $ 1,900 if the day breaks and closes.

Explanation of risks: Fusion Media I would like to remind you that the data on this website is not real-time or accurate. All CFDs (stocks, indices, futures) and forex prices are not provided by exchanges but by market makers, so prices may be inaccurate and may differ from the actual market price, i.e. for marking and trading purposes only. Therefore Fusion Media will not be liable for any business losses incurred by you for using this data.

Fusion Media Or anyone associated with Fusion Media will not be liable for any loss or damage resulting from reliance on the information contained in this website, including data, quotes, charts and buy / sell signals. Be fully informed about the risks and costs associated with trading financial markets, which is one of the most potentially risky investment forms.

  • Nadia Barnett

    "Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

    Related Posts

    • Economy
    • November 2, 2024
    • 22 views
    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    The wealth management landscape is undergoing a dramatic transformation, fueled by the rise of financial technology (fintech), according to fintech entrepreneur Emils Kerimovs. No longer exclusive to the ultra-wealthy, innovative…

    UAE Powering Gaming Boom in the Middle East

    The gaming industry in the Middle East is experiencing a growth spurt, with Saudi Arabia and the United Arab Emirates (UAE) among the countries attracting major investments. However, this digital…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    How to Choose the Right Mattress: Find the Best Fit for You

    How to Choose the Right Mattress: Find the Best Fit for You

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Forex Brokers Review: Is ITBFX A Safe Broker?

    Forex Brokers Review: Is ITBFX A Safe Broker?

    Best Kitchen Renovation Ideas to Upgrade Your Space

    Best Kitchen Renovation Ideas to Upgrade Your Space

    Where to Get a Professional Massage in Dubai

    Where to Get a Professional Massage in Dubai

    Dog Spay Surgery 101: Benefits, Risks, Cost, and Aftercare

    Dog Spay Surgery 101: Benefits, Risks, Cost, and Aftercare