Forex Today: Dollar ready to resume its advance
21.10.2021, 19:42

Forex Today: Dollar ready to resume its advance

What you need to know on Friday, October 22:

Risk turned off on Thursday, with the dollar making the most out of it. The American currency appreciated against most major rivals, except safe-haven CHF and JPY. There was no particular catalyst behind the dismal sentiment, although renewed inflation concerns may be part of it. The closely watched 10-year US Treasury yield hit yet another multi-month high of 1.683%, finishing the day around 1.67%.

The EUR/USD pair pulled lower and trades near a critical Fibonacci support level at 1.1615. GBP/USD failed once again around 1.3830, and settled in the 1.3780 price zone. AUD/USD retreated from a fresh 3-monht high and settled around 0.7460, while USD/CAD bounced to the 1.2370 price zone.

Gold finished the day pretty much unchanged around $ 1782 a troy ounce, while crude oil prices plunged after hitting three-year highs. A forecast for a warmer winter in the US offset supply concerns. WTI settled at $82.50 a barrel.

The US Federal Reserve banned stock trading and restricted other investing activities by top officials. The movement came after chair Jerome Powell sold up to $5 million worth of stock from his personal account in early October.

European and Asian indexes closed mostly in the red, although Wall Street managed to recover ahead of the close, with US indexes ended the day mixed.

Friday will bring the preliminary estimates of October PMIs for most major economies.

Dogecoin remains the king of all memecoins as analysts expect DOGE to resume its bull run


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