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Market participants are increasingly buying the dollar


10 May 2022

The pound fell to its lowest level since June 2020 for a third consecutive day on Monday against the dollar. News that Irish nationalist party Sinn Fein won the most seats in Northern Ireland’s devolved assembly for the first time in elections last Thursday added to the pound’s woes. The greenback meanwhile hit a two-decade high as investors snapped up the safe-haven currency amid uncertainty about the global growth outlook. Pressure on the pound also had traders’ doubts that the Bank of England will continue to raise rates. Last week, the British regulator signaled that another rate hike in the current situation could slow down the economic recovery. Immediate support is seen at 1.2300. A breakout below could take the pair towards 1.2200.

SELL STOP 1.2300/TP 1.2200/SL 1.2330

EUR/USD

The euro was little changed against the U.S. dollar on Monday as worries about higher interest rates and a tightened lockdown in Shanghai deepened investors’ fears that the global economy is rapidly heading for a slowdown. Central banks in the United States, Britain and Australia all raised interest rates last week, and investors are bracing for more tightening as policymakers try to get on top of soaring inflation. Investors are awaiting U.S. inflation data for April, which might provide more signals about the future monetary tightening path of the Federal Reserve. Immediate support is seen at 1.0500. A breakout below could take the pair towards 1.0400.

SELL STOP 1.0500/TP 1.0400/SL 1.0530

USD/CAD

The Canadian dollar weakened to its lowest level in 17 months against the U.S. dollar on Monday as rising worries about the global economic outlook weighed particularly heavily on commodity-linked currencies. The price of oil, one of Canada’s major exports, settled 6% lower at $103 a barrel and stocks globally extended recent declines as China’s two largest cities tightened COVID-19 curbs. Bank of Canada Deputy Governor Toni Gravelle is due to speak on Thursday on the topic of commodities, growth and inflation, which could offer clues on the interest rate outlook. Immediate resistance can be seen at 1.3020. A breakout to the upside can trigger a rise towards 1.3100.

BUY STOP 1.3020/TP 1.3100/SL 1.3000

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