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> Is the USD Going Up After its Recent Drip?
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Is the USD Going Up After its Recent Drip?

STO

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The US dollar is showing signs of recovery against other major currencies, sans the GBP. After the Bank of England Meeting Minutes announced an increase of interest rates, GBP/USD prices saw a significant upswing. This resulted in GBP climbing from 1.2696 to roughly 1.2755.

On the other hand EUR/USD dropped to 1.1143 or -0.66%, due to the price increase of USD. Out of the EU today we can expect the CPI – if MoM and YoY indices are as forecasted or under-performs this might cause further fluctuation.

USD/JPY reached its resistance level at 111.25 with an increase of +1.24%.

AUD/USD is currently sitting at 0.7573-0.7599.

Gold prices were slightly sluggish. A sideway channel emerged after a reversal of its test of the 1251.72 level.

Like Gold Oil also remained sluggish with prices of Brent around 48.86 and WTI close to 44.53.

Even though the dollar was bolstered the US stock market is currently trading in the red.
Dow Jones is floating around 21318.0 due to a -0.17%drop. The NQ fell 0.35% to 5698.5. And S&P saw a 0.08% dip reaching 2433.0.

European Stocks trading in the red too. The UK FTSE lost 0.75% falling to 7427.3. The French CAC also dipped by 0.54% to 5223.1. Finally DAX dipped to 12699.1 after losing -0.93%.

This article comprises the personal view and opinion of the STO Investment Research Desk and at no time should be construed as Investment Advice.

STO Review

Source: https://www.stofs.com/en/newsroom/entry/DAILY_MARKET/is-the-usd-going-up-after-its-recent-drip
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