{"id":28701,"date":"2022-05-23T14:59:00","date_gmt":"2022-05-23T13:59:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=28701"},"modified":"2022-05-24T13:11:33","modified_gmt":"2022-05-24T12:11:33","slug":"midday-update-the-dollar-sell-off-continues-ahead-of-a-critical-week-for-central-banks","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/midday-update-the-dollar-sell-off-continues-ahead-of-a-critical-week-for-central-banks\/","title":{"rendered":"Midday update-The dollar sell-off continues ahead of a critical week for Central Banks"},"content":{"rendered":"\t\t
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The Dollar <\/a>continues to push lower in the European session as the risk-on mood holds firmer. Commodity currencies rally as China hopes to ease lockdown restrictions. European stocks come in mixed and US stocks surge higher.<\/p>

USDCAD<\/a> shaded off Friday`s gains by losing -0.70% despite CAD`s Victoria Day holiday. The pair is currently trading below the 1.2800mark after sweeping above a 17-month high at 1.30200 this month. China`s hopes for lockdown relief have given the commodity currency`s bulls an upper hand. Bears power is faced with a test at 1.27196 support a break below that gives room to 1.26800 mark. Traders are to look out for US flash PMI data and FOMC meeting minutes on Tuesday and Wednesday respectively.<\/p>

AUDUSD<\/a> rallied +0.57% kickstarting the week on a positive note. The Dollar continues its selloff as risk holds firmer and US President Biden said they are considering reducing tariffs on Chinese products and a recession is nonavoidable. Aussie bulls continue up from Friday after breaching 0.7040 and have left daily support there post RBA`s Assistant Governor Kent`s speech. A break above 0.7131 resistance may take the pair to 0.7261, a 3-week resistance.<\/p>

EURCHF<\/a> soared by +0.21% taking a break from last week`s losses. The EUR is up following the German Ifo Business Climate Index for May at 93.00 vs 91.9 previous. This shows German`s positive business confidence despite Ukraine\/Russia feud. The pair has immediate support at 1.02865 and is rallying towards 1.0335 and 1.0363 in the short term. Investors are to pay attention to tentative Eurogroup meetings today.<\/p>

European stocks are sending in mixed signals during the European trading hours. FTSE index<\/a> gained +0.91% a continuation of Friday\u2019s bullish mood. The FTSE index is faced with 7475and 7547 resistances along with 7413 support. CAC40<\/a> is down -0.14% with a day`s range between 6354.3and 6257.2. To the downside, bears are limited by 6196 support and bulls by 6400 and 6461 to the upside. DAX<\/a> extended its rebound by+1.73% with a low at 14023.<\/p>

US stocks rose after Biden`s comment on reducing tariffs on Chinese products. Dow Jones Industrial index<\/a> is up by+0.83% with support at 31338.58 and near-term resistance at 31620 and 32000. S&P 500 futures<\/a> gained + 0.88% as bulls rallied towards the 4000 level and critical areas to watch out for are 3958 resistance and 3915 support. Nasdaq<\/a> rallied by +0.82% although upside gains are capped by the 12200.00 support turned resistance and a break above that area may see bulls rally towards the 12600 level.<\/p>

US 10-year treasury yields<\/a> rallied by +1.62% early European session, although upside gains are capped by the 2.90%. A failure to challenge that area may see bears extending targets towards 2.62% in the near term.<\/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":"

The Dollar continues to push lower in the European session as the risk-on mood holds firmer. Commodity currencies rally as China hopes to ease lockdown restrictions. European stocks come in mixed and US stocks surge higher. USDCAD shaded off Friday`s gains by losing -0.70% despite CAD`s Victoria Day holiday. The pair is currently trading below […]<\/p>\n","protected":false},"author":4,"featured_media":28703,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[52,302,14,239,57,40,456,31],"yoast_head":"\nMidday update-The dollar sell-off continues ahead of a critical week for Central Banks - 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\/midday-update-the-dollar-sell-off-continues-ahead-of-a-critical-week-for-central-banks\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Midday update-The dollar sell-off continues ahead of a critical week for Central Banks Midday update-The dollar sell-off continues ahead of a critical week for Central Banks\" \/>\n<meta property=\"og:description\" content=\"The Dollar continues to push lower in the European session as the risk-on mood holds firmer. 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