January 21, 2022

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Dollar falls after Jerome Powell's speech and focus on US inflation figures

Dollar falls after Jerome Powell’s speech and focus on US inflation figures

The US dollar fell sharply to its lowest level since last November, following a central bank chairman before the US Senate Banking Committee.

It fell to 95.55, the lowest level since last November, while the British pound rose to 1.3640 and the euro to 1.1377.

European stock markets rebounded yesterday on the back of US stock markets beginning to slide this year.

European stock markets are expected to rise as investors focus on US inflation figures for December, with the US stock index recovering and the Asian stock index positive.

Insisting on raising interest rates next March, Mr. Powell’s speech yesterday was a strong indication of inflation figures today, with expectations that inflation in the United States will reach 7%, the highest level in 40 years.

It saw a rise, pointing to buy from the $ 1790 level, with expectations that we will see further rises as long as the $ 1800 support level remains.

The EUR / USD reached the buying target from 1.1280, with expectations that we will see strong resistance near 1.1385.

Euro Dollar

Build a strong base near 1.1270 and the pair will be in the narrow range between the 1.1270 support level and 1.1385.

Moving above 1.1385 may push the test to 1.1440 and then 1.1500.

Pound sterling against the dollar

It continued its rise and is trading near the resistance level of 1.3680 with the possibility of rising towards 1.3700 before the expected decline.

USDJPY

The stock is trading in the uptrend, with the possibility of moving towards 118.00 in the medium term, until the support level is 114.75.

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A break and a day ending below 114.75 could push the decline towards 113.50.

Gold against the US dollar

It has been trading on the upswing even after reaching the buying target. Gold is upside in the short term, and moving above $ 1,830 is the most important, with $ 1,860 and $ 1,830 likely to test $ 1,900 if the day breaks and closes.

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