The US Dollar Index is rising due to higher inflation

EUR/USD review and forecast

Technical Analysis
2022年7月15日

After the US CPI was released yesterday and was revealed to be 9.1% percent, up from 8.6 percent a month before, the US dollar is once more attempting to move higher against the EUR, CHF, and JPY. However, some commodity currencies are performing fairly well. We observe that the AUD/USD is maintaining support, which may be related to Australian statistics that indicated the jobless rate decreased to 3.5 percent in June.

We'll be looking at US PPI statistics and jobless claims today to determine if inflation is impacting producers. The USD index is aiming for the 109.00 level in the fifth wave, where the week's end might provide some resistance. The 109.50/110.00 region is the critical zone above that. It will be a sign that the dollar is in a new corrective setback if it moves again below 107.30.

Anna Sneider

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