The dollar is rising against currencies

The dollar rose against a basket of currencies on Wednesday, as market sentiment was boosted by strong earnings reports, reducing demand for safe assets.

The dollar is rising against currencies

Dollar is rising

The dollar rose against a basket of currencies on Wednesday, as market sentiment was boosted by strong earnings reports, reducing demand for safe assets.

The dollar index, which measures the strength of the dollar against a basket of six major currencies, rose 0.13% to 94.90 at 03:53 am EST (07:53 GMT).

European shares joined global stocks as markets abandoned concerns last week, with Wall Street posting its strongest gain in seven months on Tuesday, boosted by upbeat earnings.

Strong earnings reports indicated that the US economic recovery is on track despite fears of rising interest rates and trade war tensions.

The greenback was steady against the yen, with the yen trading at 112.01. The euro was lower against the dollar, with EUR / USD shedding 0.14% to hit 1.1495, rebounding from a two-week high of 1.1620.

The pound also fell, with GBP / USD trading down 0.15% to hit 1.3099.

The British pound rose on Tuesday after strong data on wage growth, but uncertainty over whether the Brexit negotiations will lead to a deal that would lose its gains.

 The Fed raised interest rates for the third time this year last month and is widely expected to raise interest rates again in December and beyond.

On Tuesday, President Donald Trump rebuked the Fed, calling the US central bank “the biggest threat” because it was raising interest rates very quickly.

Last week, Trump blamed the Federal Reserve “out of control” for the worst selling on Wall Street since February.

EUR/USD – Lost his upward move and come back again to it a bearish movement to the 1.1495 as a low for yesterday. Immediate support still at 1.1480 followed by 1.1430. Looking forward to trading in a possible range today from 1.1500-1.1430

EUR/USD

GBP/USD – The pound come back down to 1.3099 level as a low for yesterday due to instability about Brexit issue, and continues its bearish trend to reach 1.3075 as a temporary low for today. The immediate resistance for today still at 1.3240 followed by 1.3275. Immediate support still can be found at 1.3025 followed by 1.2970.

GBP/USD

USD/JPY – The Dollar made some gains overall against most of the currencies, in USD/JPY went up yesterday reaching 112.69 as a high. The immediate resistance at 113.30 followed by 113.75. Immediate support still at 111.20 followed by 110.60.

USD/JPY

AUD/USD – The Australian dollar is still in the same range with low volatility, the pair is trading within a range of 0.7100 and 0.7150, yesterday high was 0.7159, Immediate support still at 0.7025 with next support at 0.6980. The immediate resistance 0.7180 followed by 0.7280. Expected range today from 0.7100-0.7160.

AUD/USD

 

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***Information contained in this newsletter are gathered from third parties and should not be regarded in any way as trade advice or recommendations by CM Trading. CM Trading does not recommend or advise traders or investors in their decision making but merely provides information from the market for its clients as additional information is made available as per the events occurring in the financial markets.

 

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Trading Forex (Foreign Exchange) and Contracts for Differences (CFD’s) is highly speculative, carries a high level of risk and may not be suitable for all investors. You may sustain a loss of some or all of your invested capital, therefore, you should not speculate with capital that you cannot afford to lose. You should be aware of all the risks associated with trading on margin.

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