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  • HSBC expect the BoE to raise interest rates by 15bps to 0.25% in May 2022 and 25bps to 0.5% in November 2022 $GBP
  • As the Dollar ($DXY) continues to consolidate after last week's rally, the market's rate forecast via Fed Funds futures (through end 2022) is pricing in most hawkish view since Mar 18, 2020 at 23 bps worth of tightening between now and then https://t.co/ZgknI0hf39
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Silver: 0.85% Gold: 0.27% Oil - US Crude: -0.29% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/5UDOKqOZlT
  • Amazon has been in a fairly consistent range since last August $AMZN over the past week buyers have been driving deeper within resistance zone, ath just above at 3552 https://t.co/Y2BJFHHpsc
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 89.53%, while traders in GBP/JPY are at opposite extremes with 68.66%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/9wQEDOOqv8
  • Commodities Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Silver: 0.68% Gold: 0.18% Oil - US Crude: -0.42% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/lMDtC6g5Ns
  • Fed's Harker (2023 voter) - US economy is by and large in good shape - employment remains down significantly
  • As widely expected the Bank of England maintained current monetary policy in a 9-0 vote with the interest rate left at 0.1%.Get your market update from @JMcQueenFX here: https://t.co/qUbCxszHkN https://t.co/koNHrYm8pl
  • Indices Update: As of 13:00, these are your best and worst performers based on the London trading schedule: France 40: 1.04% Germany 30: 0.59% Wall Street: 0.58% US 500: 0.52% FTSE 100: 0.36% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/42kLDACsRo
  • Fed's Barkin (2021 Voter) - Many price hikes are just transitory and will ease as supply comes online
Trading Video: Dollar Surges as S&P 500 Skulks

Trading Video: Dollar Surges as S&P 500 Skulks

John Kicklighter, Chief Strategist

Talking Points:

• The US Dollar was Tuesday's stand out performer with particularly bombastic moves from USDJPY and GBPUSD

EURUSD was a notable exception to the FX volatility as the ECB rate decision inches closer

• Outside of currencies, the S&P 500 has yet to see activity revived - but that is likely to change soon

Want to develop a more in-depth knowledge on the market and strategies? Check out the DailyFX Trading Guides we have produced on a range of topics.

Liquidity is returning after the US holiday lull, but it is not yet clear whether we are making a full seasonal shift from the Summer Doldrums - much less a systemic recovery from near-record low volatility. In the first wave of returning traders though, the FX market has definitely reaped the rewards in the form of some large moves amongst the majors. In particular GBPUSD and USDJPY both experienced strong dollar-supportive moves that develop existing trends. Yet, progress quickly comes under doubt when we consider the fundamental elements to the move. Meanwhile, EURUSD - one of the most proactive majors - passed the day virtually unmoved. We evaluate the big FX moves as well as the building pressure of S&P 500 congestion in today's Trading Video.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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