ForEX Dollar inches up to new two-year peak, set for best week in four
2022-10-31
Even though the U.S. dollar has been gaining pace in recent sessions, the greenback is still in a downtrend. The greenback has been losing value against major rival currencies, most notably the Japanese yen. But, on the positive side, the dollar has strengthened further against the euro and British pound, especially in the last week. Moreover, the dollar is set for its best week in four months. So, is the dollar ready for a rebound? Let’s take a look at the indicators that might support the greenback.
Rallies in Dollar-yen trade
As we mentioned above, the dollar gained ground against the yen in the last week, as the yen’s gains in the same period were offset by the stronger dollar. Moreover, the greenback also gained against the South Korean won, the euro, and the Australian dollar in the last week. So, is the dollar ready for a rebound? Yes and no.
Rallies in Dollar-pound trade
The pound has seen some gain against the dollar in recent sessions, most notably in the last week. But, the pound has also been strengthening against other major currencies, and this has led to a draw in the value of the pound against the dollar. So, is the pound ready for a rebound? Yes and no.
Dollar gains momentum against rivals
The dollar has been on a tear in recent months, climbing higher against both the euro and the yen. It has also been on a tear against the British pound, picking up the pace during the same period. Moreover, the dollar has been gaining against the Australian and New Zealand dollars in the last month. So, is the dollar ready for a rebound? Yes and no.
The dollar is set for its best week in four months
The dollar’s uptrend has been impressive in recent months, with years of decline in the greenback being reset. In fact, the dollar is currently at its strongest level against the yen, the British pound, and the Euro in almost six months. The dollar is also at its strongest against the Australian, New Zealand, and South African dollars in a number of months. So, is the dollar ready for a rebound? Yes and no.
Conclusion
The dollar is set for its best week in four months, which could bode well for the greenback. The pound has also been on a tear recently, which could give it the momentum it needs to move higher against the dollar. On the other hand, the dollar has been on a tear recently, rising higher against both the yen and the pound. So, it’s important to remain cautious when investing in the greenback. However, with the latest indicators, the dollar looks ready for a rebound.
