USD rose on Tuesday against a basket of world currencies to widen its gains for a fifth straight day, with the world’s strongest currency buying the best investment at the moment, ahead of comments by Federal Reserve Chairman Jerome Powell , Which may strengthen the chances of continuing to tighten monetary policy.
The dollar index rose more than 0.1% at 12: 00 GMT, trading at 95.20 points, the opening level of 94.93 points, the highest at 95.37 points since September 10 and the lowest at 94.88 points.
Yesterday, the index gained 0.2%, the fourth consecutive daily gain, as US currency purchases continued, despite data showing a slower than expected growth of the US manufacturing sector in September.
The index last week gained 1.1% over the past week, its first gain in three weeks, and the biggest weekly gain since early August, supporting Federal Reserve decisions and Jerome Powell’s comments.
EURUSD pair continues to decline gradually to fluctuate around 1.1575 now, awaiting further bearishness to visit 1.1443 which is our next negative target.
Overall, we continue to favor the bearishness in the coming sessions based on stability below 1.1705, noting that SMA 50 is a negative pressure supporting the suggested downside.
The trading range for today is expected among 1.1480 support and 1.1660 support
The general trend for today is bearish
USD purchases are continuing against a basket of global currencies as demand for the world’s most powerful currency accelerates as the best investment at the moment, with the widening of the federal interest rate path and the path of interest for most of the world’s central banks.
By 16:45 GMT Federal Reserve Chairman Jerome Powell, speaking at the annual meeting of the National Association for Business Economics in Boston, is focusing on inflation and labor market expectations and is expected to answer some of the questions posed by those present.