In the FX market

The US Dollar is on the rise, fueled by mounting inflationary pressures and speculation of a potential interest rate cut by the Federal Reserve in June. This surge in the Dollar coincided with Chinese markets closing for the Lunar New Year, contributing to heightened market dynamics.

📈 USD Index (DXY): Approaching the crucial 105.00 mark amid surging yields and rate cut expectations for June. Focus remains on inflation data, alongside speeches from FOMC members Goolsbee and Barr.

In the FX market:

AUD/USD: Continues its downward trajectory, breaching key support levels amidst Dollar strength. Eyes on the 0.6431 and 0.6296 support levels.

GBP/JPY: Trades above the 188.33 support level, eyeing a challenge of the 2014 resistance at 194.93.

USD/JPY: Breaks through resistance zones, aiming for the 151.75 resistance fueled by Dollar strength and rising US yields.

EUR/USD: Under pressure from the strong Dollar, slipping below the 1.0730 support level. Watching for a test of 1.0665 support ahead of eurozone data releases.

GBP/USD: Trading within a range, lacking bullish momentum despite positive employment data. Focus shifts to the UK's Inflation Rate release.

Gold: Weakens against the robust Dollar and higher US yields, dipping below $2,000.

S&P 500: Testing new highs around $4,926.02, with attention on support levels amidst ongoing momentum.

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