Dollar Pushed Higher Amid More Tightening Expectations from the
Last week could be considered as quite a successful week for the U.S. Dollar as the U.S. Dollar index rose 0.86% to 95.12 points. The Greenback, as I have mentioned before, has many chances to become stronger. The index rose to the main resistance zone where the peak of September 2020 and lows of January 2019 and March 2020 are located. So, this zone is at 94.85-95.40 points.
Technically, the Dollar index has promising chances to break through this zone following the upward trend that has been established since the end of May. The next targets for the index may be located in the 96.60-97.60 points range.
Moreover, October retail sales in the United States that are due to be published this Tuesday, may support the Dollar as they are expected to gain 1.1% month-on-month vs 0.7% in September.
Besides, the number of investors who believe that the Federal Reserve (Fed) will raise interest rates much earlier than 2023 is growing. Economists expect an even sharper rise of prices over the coming months with possible new inflation records. JPMorgan Chase & Co. analysts believe the Fed will provide even more reasons for early interest rate hikes in its December meeting.
Technically, the Dollar index has promising chances to break through this zone following the upward trend that has been established since the end of May. The next targets for the index may be located in the 96.60-97.60 points range.
Moreover, October retail sales in the United States that are due to be published this Tuesday, may support the Dollar as they are expected to gain 1.1% month-on-month vs 0.7% in September.
Besides, the number of investors who believe that the Federal Reserve (Fed) will raise interest rates much earlier than 2023 is growing. Economists expect an even sharper rise of prices over the coming months with possible new inflation records. JPMorgan Chase & Co. analysts believe the Fed will provide even more reasons for early interest rate hikes in its December meeting.
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