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FX Movers & Shakers


11 February 2022 Written by Lukman Otunuga  Senior Research Analyst at FXTM Lukman Otunuga

We already knew this would be an eventful week for financial markets thanks to the growing caution and anticipation ahead of the US inflation report. So far markets have certainly not disappointed, with global stocks and currencies bursting with life. The S&P500 is up over 1.7% this week while king dollar and Yen have depreciated against most G10 currencies. Interestingly, the Australian dollar is looking pretty, the same can be said for the New Zealand Dollar.

With less than 24 hours left until the US CPI report is released, here are some technical setups we have on our radar.

Dollar Index wobbles around 95.50

The Dollar Index (DXY) remains on standby ahead of the US inflation report. As discussed earlier in the week, a report that meets or exceeds expectations may fuel speculation over a more aggressive hawkish cycle and a possible 50-basis point rate hike in March. This may inject dollar bulls with enough inspiration to send the DXY towards 96.00 and beyond. Should prices remain below 95.50, bears are likely to eye 94.56 and lower.

S&P500 bulls back in town

It looks like S&P500 bulls are back in the building this week with prices bursting above 4545 on Wednesday. A breakout 4590 could trigger a move higher towards 4640. If bulls run out of steam and prices slip back below 4545, the next key level can be found at 4495.

The Nasdaq100 is turning bullish on the daily charts. A strong daily close above 15000 may signal an incline towards 15300. If 15000 proves to be strong resistance, prices may decline back towards 14500.

Gold shines ahead of CPI data

It has been a positive week for gold with prices breaking above the $1831 resistance level. A daily close above this point may trigger an incline towards $1845. However, weakness below $1831 could inspire bears to target $1810 and $1800. Ultimately, where the precious metal concludes this week will be influenced by the US inflation report. 

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