Forex Market Review: Dollar Firms, German Ifo Rises
United States of America. The US dollar is strengthening against the pound and the yen, while showing mixed performance against the euro.
Markets
23
March
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By Sagar Dua - 439
Shares of Bank of America Corp., one of the largest banks and financial institutions in the United States, are currently trading near 47.00.
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By Sagar Dua
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The USD/CAD pair is attempting to consolidate above the 1.3725 resistance level, which marks the February high, amid the strengthening of the US dollar. Last week, the greenback traded within the 100.65–99.20 resistance zone on the USDX index. Although the currency closed the week in negative territory overall, it failed to break below 99.20 and started the new week with gains supported by fundamental factors.
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By Sagar Dua
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The USD/CAD pair is attempting to consolidate above the 1.3725 resistance level (February high) amid a strengthening US dollar, which traded within the 100.65–99.20 resistance range in the USDX index last week. Although the currency closed the week in negative territory overall, it failed to break below 99.20 and started the current session with gains supported by fundamental factors.
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By Sagar Dua
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The EUR/USD pair is holding near the 1.1551 level amid unstable US dollar dynamics, driven by disruptions in energy transportation from the Persian Gulf region that are pushing prices higher. At the same time, investors were supported by signals pointing to a potential interest rate hike by the European Central Bank (ECB) in April to combat inflation.
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By Sagar Dua
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During the morning session, the USD/CHF pair is recovering after last week’s bearish close, which prevented it from consolidating at the highs seen on January 22. Investors and forex traders are now focused on the outcomes of monetary policy meetings held by the Swiss and US central banks.
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By Sagar Dua
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Amid the positive momentum of the US dollar, which remains close to the 100.00 level in the USDX index, the USD/JPY pair is correcting within an uptrend, trading around 159.41.
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By Sagar Dua
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The pound is gaining in the GBP/USD pair, holding near 1.3330, while investor activity remains fairly subdued as markets wait for fresh catalysts to drive price action. In particular, February inflation data from the UK will be published on Wednesday at 09:00 (GMT+2), and these figures are expected to have a significant impact on future decisions by monetary authorities. It is worth noting, however, that the release will not yet reflect the energy factor resulting from the escalation in the Middle East. According to forecasts, the core consumer price index is expected to remain unchanged at 3.1%, while the broader indicator had already reached 3.0% in January and fell by 0.5% on a monthly basis.<
20
March
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By Sagar Dua
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Shares of General Electric Co., the American diversified industrial corporation, are moving within an intensifying correction, trading slightly below the 287.00 level.
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By Elena - 351
The XPT/USD pair has resumed attempts at a downward correction against the long-term upward trend: the price reversed from 2407.60 (23.6% Fibonacci retracement) and fell to four-month lows near 1875.00 (Murray [0/8] level, 50.0% Fibonacci retracement).
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By Sagar Dua
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After the Bank of Japan left its interest rate unchanged at 0.75%, the highest level in more than 30 years, the USD/JPY pair fell by 1.24% to 158.37.
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By Sagar Dua
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Shares of Meta Platforms Inc., an American multinational holding company that owns a technology conglomerate and the largest social network Facebook, are trading at 606.00.
19
March
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By Sagar Dua
- 381
Shares of 3M Co., a US-based diversified industrial and innovation company, are trading near 145.00.
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