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Weekly Market Update: November 14, 2022

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Dollar Index begins the week with a rebound from a bearish attack on the backs of a softer CPI report.

Dollar

The Dollar begins the new week rebounding from last week’s decline, where it saw a 4% drop in value against a basket of major currencies. This renewed interest in safe-haven currency can be largely attributed to the positive effects of a risk-off mood at the start of the week. Investors will focus on the implications of a softening October CPI report. This lends credibility to FED’s interest rate hikes. Most traders see this as a sign of an FED pivot at the December meeting. Federal Reserve Governor Christopher Waller refuted that notion. He said that one data point would not be sufficient to alter the rate of inflation and it would take several reports to prove that inflation is actually falling.

Technical Analysis (D1)

According to market structure, the price has reached a critical juncture. It has canceled the uptrend from February 2022. However, this on its own doesn’t suffice to affirm that a downtrend is about to ensue, because a confluence of factors remains unchecked….



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