Strong U.S. Dollar

US Dollar selling pressure prevailed and steered the DXY Index -0.3% lower last week in spite of Fed taper talks growing more heated. Eyes on inflation and yields to gauge where USD heads next.

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Fresh data prints coming out of the US may prop up the Dollar as Non-Farm Payrolls (NFP) are expected to increase for the sixth consecutive month.

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Despite a disappointing headline figure, the September US NFP report was another milestone on the road to the Fed tapering asset purchases.

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Equity markets looked the worst in the Asia-Pacific region. Chinese regulatory woes and US de-listing concerns played a key role. The Hang Seng Tech Index plummeted over 10 percent as shares like Alibaba, Tencent and Didi declined 13.81%, 11.17% and 53% respectively. All of this risk aversion induced demand for safety, boosting the US Dollar.

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It is difficult to tell what role the Dollar will play in the global financial system heading into the second quarter of 2022. On the one hand, traditional risk assets have held back the tide of a more prolific collapse while interest rate expectations have exploded higher. Alternatively, there exists a growing din of concern that markets have over-reached in the post-Great Financial Crisis run and a necessary ‘de-risking’ has yet to occur.

Daily Dollar Index chart is located in the bullish area above 200 SMA by crossing 100.52 resistance level to above for the primary bullish trend to be continuing. Alternatively, the daily price will be on secondary ranging within the primary bullish trend waiting for direction.

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The US Dollar (via the DXY Index) has lost ground for two consecutive weeks.
Interest rate differentials have narrowed among the major currencies, undercutting a key source of US Dollar strength in recent months. Incoming US economic data won’t do any favors for the ‘US recession’ calls, but key US labor market figures will likely remain strong. The US Dollar has a bearish bias heading into the first week of June.

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Fed speakers are expected to deploy an aggressive hawkish tone this week.

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Fundamental analysis and trend-following strategies are often seen as opposing approaches. Many traders who favor fundamental analysis believe that technical analysis is a waste of time because all necessary information is already reflected in the price. Conversely, technical analysts often view fundamental analysis as flawed because identical patterns, like a head and shoulders, can lead to different outcomes in the same market.

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There is no high impact news that will be released today according to Forexfactory, there is only medium news related to USD, Existing Home Sales and the Richmond Manufacturing Index, the market may be a bit sluggish today.

In this article, we explore the powerful features of the MetaQuotes Language 5 (MQL5) Economic Calendar and how they can be integrated into algorithmic trading. The Economic Calendar, incorporated in the trading terminal, MetaTrader 5, is a crucial tool for traders, providing essential news and data that can significantly impact market movements. By understanding how to retrieve and interpret this information, we can gain an edge in forecasting market reactions to economic events and adjust our trading strategies accordingly.

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