US Dollar Index displays a V-shape recovery to near 104.50 amid China’s Covid-inspired volatility – by Sagar_Dua24 DollarIndex Coronavirus RiskAversion Fed InterestRate
US Health Officials will impose mandatory COVID-19 tests on travelers from China.
November’s Pending Home Sales showed the lowest reading in 20 years amid higher interest rates by the Fed. has sensed a mild selling pressure above 104.50 after a V-shape recovery move from the crucial support of 103.90. The USD Index witnessed a sheer responsive buying action after the spike in Covid-19 cases in China triggered a risk aversion theme in the global market. This led to a sheer fall in risk-sensitive assets like S&P500, which extended its downside journey with sheer momentum.
Health officials of the United States cited that the economy will impose mandatory COVID-19 tests on travelers from China, which has trimmed investors'The lack ofdue to the festive mood has left a few triggers for the direction of the FX market. Therefore, investors are focusing on a handful of economic events.
"Pending home sales in November 2022 recorded the second-lowest monthly reading in 20 years as interest rates by the Federal Reserve have climbed to 4.5%, drastically cutting into the number of contract signings to buy a home," the National Association of Realtors said.
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