What's good about the word 'no' is it's a complete sentence.
USD
EUR/USD
The single currency hovered around $1.1555, as European Central Bank Chief Economist Philip Lane ignored the recent bout of inflation as a trigger for monetary policy.
GBP/USD
The British pound lost ground from a 12-day high at $1.3674 to $1.3593 over surging energy price concerns and renewed Brexit changes over Northern Ireland protocol.
USD/JPY
Yen hit a fresh three-year low on Tuesday at 113.50 per dollar, on expectations the U.S. Federal Reserve will announce a tapering of its bond purchases next month, coupled with Japan's wholesale prices surged 6.3% in September from a year earlier.
USD/CAD
The Canadian dollar steadied at its two-month high of 1.2446 per dollar as oil prices surged on Monday to multi-year peaks, fueled by the rebound in global demand over concerns of global supply-chain backlogs.
AUD/USD
The Australian dollar firmed at $0.7352, supported by strong commodities prices and a partial reopening of Sydney, Australia's largest city.
USD/ZAR
The South African rand slammed to 15.09 against the greenback after South African business confidence, retail sales and manufacturing output declined on Monday.
USD/MUR
The dollar-rupee stayed put at 43.05(selling) on the domestic market.
10:00 - GBP - Average Earnings Index + Bonus (Aug)
10:00 - GBP - Claimant Count Change (Sep)
13:00 - EUR - German ZEW Economic Sentiment (Oct)
18:00 - USD - JOLTs Job Openings (Aug)
The dollar Index extends its intense rebound near the 94.00 threshold, clinching a new high for this year 2021 amid an earlier rate hike expectation and announcement of a nearing tapering asset purchase which clearly impacted the yield curves.
A tightening of monetary policy by the European Central Bank remains far in the future but ECB remains vigilant on its inflation figures yet to be released this Friday. This could give additional upward momentum on the USD in the near term and exerts additional selling pressure on the euro and the pound.
On the technical side, after a breach and close above the 100% retracement A-B-C (93.72 level) ,the greenback could easily approach the 113% level at 94.38 followed by 127% level – 94.98 level in the near term. Resistance at 96.47 (161.8%) remains key level to watch
1.3750 marked the completion of ‘wave e’ of the triangular retracement (wave B) of corrective move A-B-C for GBPUSD and abruptly, we saw fresh sellers entering the market below the 1.3600 levels yesterday.
As per Elliott wave principle, GBPUSD is battling around 1.3515 levels and higher inflation, Brexit and Petroleum concerns could exert further pressure on the pound towards 1.32 levels towards completion of wave C.
A breach and close above 1.3750 nullify this downward pattern.
