Youtrading UK
Português Español русский
Register Login
  • Markets
  • Charts
  • Economic Calendar
  • World
  • Economy
  • Insights
  • About Us
No Result
View All Result
Youtrading UK
  • Markets
  • Charts
  • Economic Calendar
  • World
  • Economy
  • Insights
  • About Us
No Result
View All Result
Youtrading UK
No Result
View All Result

US Dollar Bulls gains momentum as market awaits BOE and ECB

by Nathan Batchelor
3 February 2022
in Markets
0
US Dollar Bulls gains momentum as market awaits BOE and ECB
365
SHARES
9.7k
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

Midday Update

The Dollar Index bounces back from its week’s drop as traders awaits the Central Bank meetings in Britain and Europe. A decline in tech stocks and social media company earnings has soured risk on the market in the near-term.

The Dollar found a support at 95.80 on Wednesday and Thursday morning it has gained 0.21% as it bounces back to trade above 96.00. Traders watch the upcoming ISM non-manufacturing PMI, Markit composite PMI and Services PMI for January as an early indicator of inflation from purchasing managers. Initial Jobless claims are due for release and could counter yesterday’s negative ADP employment Change due to Omicron.

The EURUSD shaded off some of its 3-day gains as investors eye the outcome of the ECB meeting. There is nothing much expected to change as the interest rates are forecasted to remain the same. However, a dovish tone from President Lagarde could cause further losses on the EURUSD and investors are keen to follow up their inflationary targets for 2022. The EURUSD found a near-term resistance at 1.1320 and the pair is currently trading at 1.1279.

The GBPUSD bulls stalls as the markets awaits economic direction from the BoE later this afternoon. Analysts expects a hawkish tone and a 25bp increase on the interest rates to curb inflationary pressure indicated by UK consumer price index and rising UK home price index.

Considering such numbers, the BoE is likely to have a more hawkish approach and potentially hikes rates multiple times this year. The GBPUSD has a near-term resistance 1.3587 and a possible break above 1.3600 remains highly probable in the short-term.

Nasdaq futures tumbled yesterday losing more than 2 % as Tech giant, Facebook plummeted more than 20 % early New York session on Wednesday due to weaker than expected earnings which they blamed on dropping active user figures. However, it reclaimed its gains as it found a near-term support at $15000.

Dow jones added to its gains for the 4th trading session as investors leverages on the earning season. The Dow Jones gained 0.63% as Alphabet and Advanced Micro Devices delivered better than expected earnings reports late Wednesday.

West Texas Intermediate crude oil slipped from $89 yesterday and continues to trade lower after mixed signals from the OPEC meetings yesterday. Reports indicated that Iranian Minister said the country is ready to increase their supply to the market as soon as possible although short supply is still an issue poised by the Ukrainian/ Russia crisis.

Gold remains challenged with the 1810 resistance in the near-term and during European session it continued to trade lower. A failure to hold the 1800 near-term support could cause selling pressure to the yellow metal and a revisit to 1783 support becomes validated.

However, breach above 1810 resistance is necessary to reinforce a bullish outlook in the short-term. Silver also remains under pressure, and a break under $21.90 could cause a rupture in the silver market and selling towards $20.00.

Tags: DXYEURUSDGBPUSDGOLDISMNASDAQPMI
Previous Post

German DAX Head & Shoulders chart pattern

Next Post

Central banks put EURGBP in the spotlight 

Next Post

Central banks put EURGBP in the spotlight 

CALL US

Categories
  • Commodities
  • Economy
  • Forex
  • Index
  • Insights
  • Markets
  • Opening of the Week
  • Sem categoria
  • Stocks
  • World

Site Map

  • Home
  • Markets
  • Charts
  • Economic Calendar
  • World
  • Economy
  • Insights
  • About Us
Português Español русский

A comprehensive website for traders, both experienced and new! Checkout our content and learn how to invest and speculate in the markets using margin traded products. Our team of educators has extensive experience and is here to help. Enjoy!

Follow us on social media

Risk Warning

All financial products traded on margin carry a high degree of risk to your capital. They are not suited to all investors, please ensure that you fully understand the risks involved, and seek independent advice if necessary.

All Rights Reserved - YouTrading UK 2020

Privacy Policy and Terms and Conditions
  • Home
  • My Academy
    • Register Now
    • Login
  • Markets
    • Opening of the Week
    • Stocks
    • Commodities
    • Forex
    • Index
  • Charts
  • Economic Calendar
  • Economy
  • World
  • Insights
  • About Us
No Result
View All Result

© 2020 YouTrading UK - Leaders in Trader Training.

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie settingsACCEPT
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
__cfduid1 monthThe cookie is used by cdn services like CloudFare to identify individual clients behind a shared IP address and apply security settings on a per-client basis. It does not correspond to any user ID in the web application and does not store any personally identifiable information.
_wpfuuid11 yearsThis cookie is used by the WPForms WordPress plugin. The cookie is used to allows the paid version of the plugin to connect entries by the same user and is used for some additional features like the Form Abandonment addon.
cf_use_obThis cookie is set by the provider Cloudflare content delivery network. This cookie is used for determining whether it should continue serving "Always Online" until the cookie expires.
cookielawinfo-checbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-advertisement1 yearThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Advertisement".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
CookieDurationDescription
YSCsessionThis cookies is set by Youtube and is used to track the views of embedded videos.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
CookieDurationDescription
_ga2 yearsThis cookie is installed by Google Analytics. The cookie is used to calculate visitor, session, campaign data and keep track of site usage for the site's analytics report. The cookies store information anonymously and assign a randomly generated number to identify unique visitors.
_gid1 dayThis cookie is installed by Google Analytics. The cookie is used to store information of how visitors use a website and helps in creating an analytics report of how the website is doing. The data collected including the number visitors, the source where they have come from, and the pages visted in an anonymous form.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
CookieDurationDescription
_fbp3 monthsThis cookie is set by Facebook to deliver advertisement when they are on Facebook or a digital platform powered by Facebook advertising after visiting this website.
fr3 monthsThe cookie is set by Facebook to show relevant advertisments to the users and measure and improve the advertisements. The cookie also tracks the behavior of the user across the web on sites that have Facebook pixel or Facebook social plugin.
IDE1 year 24 daysUsed by Google DoubleClick and stores information about how the user uses the website and any other advertisement before visiting the website. This is used to present users with ads that are relevant to them according to the user profile.
test_cookie15 minutesThis cookie is set by doubleclick.net. The purpose of the cookie is to determine if the user's browser supports cookies.
VISITOR_INFO1_LIVE5 months 27 daysThis cookie is set by Youtube. Used to track the information of the embedded YouTube videos on a website.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
CookieDurationDescription
_gat_UA-42160853-21 minuteNo description
cf_ob_infoNo description
CONSENT16 years 8 months 3 days 6 hours 2 minutesNo description
SAVE & ACCEPT
Powered by CookieYes Logo