US dollar index inches towards 100.00 on souring market mood and hawkish Fed chatter

The DXY is awaiting a trigger that will drive it towards the 100.00 figure.
Russia ceases to be a UN Human Rights Council member and one of the ‘most favored nations’.
Fed policymakers are advocating to return back to neutral rates from the ultra-loose policy quickly.

Sagar Dua FXStreet

The US dollar index (DXY) is juggling in a narrow range of 99.68-99.83 but seems like advancing towards the psychological resistance of 100.00 gradually amid negative market sentiment and the discussions of bringing the interest rates to neutral by the Federal Reserve (Fed). Atlanta Fed President Raphael Bostic on Thursday cited that it is fully appropriate that the Fed move policy closer to a neutral position, it should do so in a cautious way, reported Reuters. While the termination of Russia from the United Nations (UN) Human Rights Council members list and stripping off the tag of ‘most favored nations’ by US lawmakers have set a downbeat tone for the market.

Russia ceases to be a member of the UN Human Rights Council

93 out of 175 members of the UN Human Rights Council favored the removal of Russia from the membership after Ukraine President Volodymyr Zelenskyy accused Russia of war crimes in the largest part of Kyiv. The move of isolating Russia from the united communities has underpinned the risk-off impulse considering its share of Russia in the global oil supply. Also, the US lawmakers have voted in favor of an embargo on oil, coal, and gas imports from Russia and have decided to revoke the tag of ‘most favored nations’ of Russia, which will result in higher tariffs for the Kremlin.

Key events next week: Consumer Price Index (CPI), Producer Price Index (PPI), Initial Jobless Claims, Retail Sales, Michigan Consumer Sentiment Index (CSI), and Industrial Production.

Eminent issues on the back boiler: Russia-Ukraine Peace Talks, Reserve Bank of New Zealand (RBNZ) interest rate decision, Bank of Japan (BOJ) Governor Haruhiko Kuroda, Bank of Canada (BOC) interest rate decision.

Dollar Index Spot

Overview
Today last price	99.78
Today Daily Change	0.02
Today Daily Change %	0.02
Today daily open	99.76

Trends
Daily SMA20	98.76
Daily SMA50	97.5
Daily SMA100	96.79
Daily SMA200	95.04

Levels
Previous Daily High	99.83
Previous Daily Low	99.4
Previous Weekly High	99.37
Previous Weekly Low	97.68
Previous Monthly High	99.41
Previous Monthly Low	96.63
Daily Fibonacci 38.2%	99.67
Daily Fibonacci 61.8%	99.56
Daily Pivot Point S1	99.49
Daily Pivot Point S2	99.23
Daily Pivot Point S3	99.06
Daily Pivot Point R1	99.93
Daily Pivot Point R2	100.1
Daily Pivot Point R3	100.37

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

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