US dollar sits firm below the freshly scored 20-year high By ross_burland DollarIndex Currencies Technical Analysis China
The Fed sentiment and global growth concerns are underpinning safe-haven US dollars.
The concerns over the Federal Reserve's ability to combat high inflation boosted the greenback's safe-haven appeal as well. Also contributing to the defensive tone was the ongoing war in Ukraine and concerns about rising COVID-19 cases in China. slipped to a low of 103.392 after touching 104.19, its highest level since December 2002 as equities remained under heavy selling pressure as concern about inflation and the demand outlook weighed.
Atlanta Fed President Raphael Bostic said he already sees signs of peaking supply pressures and that should give the Fed room to hike at half-percentage-point interest rate increments for the next two to three policy meetings, but nothing bigger.The price is forming a bullish inverse head and shoulders on the daily chart.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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