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USD Holds at Highs, Stocks Slip, Oil Rallies


24 August 2022 Written by Stuart Cowell  HF Markets Head Market Analyst Stuart Cowell

USDIndex – volatile day – new 20-yr highs at 109.20 declined to 108.00 after weak PMI & Housing Data before Kashkari biggest fear is inflation will be more persistent. EUR - Weighed by weak PMI & energy crisis and 3 day shutdown of Nord Stream 1, 3rd day under Parity (1.000) at 0.9940. JPY holds between 137.00 & 136.00. GBP also weighed by weak PMI data, energy crisis, weak government & widening strike action.Trades at 1.1800

Stocks US stocks flat into close. (S&P500 -9.26pts (-0.22%) 4128) – Biggest movers – Oil stocks +4-6%, TWTR -7.32% & ZM -16.45%. Oil continued to rally, moved +4% Tuesday to $94.00 following Saudi “CUTTING production” comments. Gold – support at $1736 trades at $1745. BTC – ranging between 21k & 21.5K.

Overnight – Asian equity markets fell for an eighth straight day. European FUTS also lower. Today – US Durable Goods. Biggest FX Mover @ (06:30 GMT) AUDJPY (-0.45%). Rejected 94.80 again yesterday and trades under 94.40 now. MAs aligning lower, MACD histogram negative & signal line falling, RSI 40.36 & falling, H1 ATR 0.153, Daily ATR 0.96.

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