{"id":21886,"date":"2022-02-03T12:45:00","date_gmt":"2022-02-03T12:45:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=21886"},"modified":"2022-02-03T23:45:42","modified_gmt":"2022-02-03T23:45:42","slug":"us-dollar-bulls-gains-momentum-as-market-awaits-boe-and-ecb","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/us-dollar-bulls-gains-momentum-as-market-awaits-boe-and-ecb\/","title":{"rendered":"US Dollar Bulls gains momentum as market awaits BOE and ECB"},"content":{"rendered":"\t\t
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Midday Update<\/strong><\/p>

The Dollar Index<\/a> bounces back from its week\u2019s 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.<\/p>

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\u2019s negative ADP employment Change due to Omicron.<\/p>

The EURUSD<\/a> 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.<\/p>

The GBPUSD<\/a> 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.<\/p>

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.<\/p>

Nasdaq futures<\/a> tumbled yesterday losing more than 2 % as Tech giant, Facebook<\/a> 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.<\/p>

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

West Texas Intermediate crude oil<\/a> 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.<\/p>

Gold<\/a> 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.<\/p>

However, breach above 1810 resistance is necessary to reinforce a bullish outlook in the short-term. Silver <\/a>also remains under pressure, and a break under $21.90 could cause a rupture in the silver market and selling towards $20.00.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Midday Update The Dollar Index bounces back from its week\u2019s 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 […]<\/p>\n","protected":false},"author":4,"featured_media":21888,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[154,18,20,28,170,27,164],"yoast_head":"\nUS Dollar Bulls gains momentum as market awaits BOE and ECB - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/us-dollar-bulls-gains-momentum-as-market-awaits-boe-and-ecb\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US Dollar Bulls gains momentum as market awaits BOE and ECB US Dollar Bulls gains momentum as market awaits BOE and ECB\" \/>\n<meta property=\"og:description\" content=\"The Dollar Index bounces back from its week\u2019s drop as traders awaits the Central Bank meetings in Britain and Europe. 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