The US Dollar (USD) consolidates on Monday after a very calm start of the week in the Asian session, with (DXY), which gauges the Greenback’s value against six major currencies, slightly in the red near a fresh year-to-date high reached last Thursday above 106.50. The main driver for the currency on Monday is the green light from the Biden Administration on Sunday for Ukraine to use long-range US missiles to target Russian infrastructures within Russian borders, just ahead of the G20 meeting in Rio De Janeiro this Monday. The US response comes after Moscow deployed nearly 50,000 troops to Kursk, the southern Russian region. Reporting on that, “the change comes largely in response to Russia’s deployment of North Korean ground troops to supplement its own forces, a development that has caused alarm in Washington and Kyiv,” Reuters said.,. The is very light this Monday. Besides a speech by of Chicago President Austan Goolsbee, nothing really market moving on the docket. Markets will instead look out for the G20 meeting and comments around Ukraine.
Daily digest market movers: The storm has passed
US Dollar Index Technical Analysis: Settle down boy!The US Dollar Index (DXY) has undergone market repricing on President-elect Donald Trump having secured his presidential victory and gaining control of the House of Representatives and the Senate. For now, it looks like the past weeks’ moves have topped out and will start to ease a touch. levels seen before heading into the US Presidential Elections two weeks ago. After a brief test and a firm rejection last Thursday, the 107.00 round level remains in play. A fresh yearly high has already been reached at 107.07, which is the static level to beat. Further up, a fresh two-year high could be reached if 107.35 gets taken out. On the downside, a fresh set of support is coming live. The first support is 105.93, the closing level on November 12. A touch lower, the pivotal 105.53 (April 11 high) should avoid any downturns towards 104.00. (Click on image to enlarge)US Dollar Index: Daily ChartMore By This Author:US Dollar Retreats As Traders Opt To Take Profits Following Trump Trade Rally US Dollar Prices In More Trump Trade As Republicans Win House Majority US Dollar Tries To Post Fourth Day Of Gains Ahead Of US CPI Release
