The US Dollar (USD) edges higher on Tuesday due to several events that took place overnight. First and foremost for financial markets was the interview with US Federal Reserve (Fed) Chairman
The US Dollar jumps higher ahead of US Retail Sales data. Traders are pricing in a Trump victory with the Fed keeping a lit on projections. The US Dollar index moves higher and trades near a pivotal level for more upside. The US Dollar edges higher on Tuesday due to several events that took place overnight.
Trade wars and tariffs are often seen as supportive of the US Dollar, which was the case at the start of 2018 when Trump started by slapping tariffs on Chinese imports and made the DXY rally 16% over two years with the tariffs in place. On Tuesday, the DXY is still below all three major Simple Moving Averages after its meltdown last week. The first barrier to recovery is the 200-day SMA at 104.37. Next, the 100-day SMA resides near 104.81, while the declining 55-day SMA is trading at 105.03.
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