US Dollar, EUR, GBP Technical Analysis Nov 5, 2021.

somrat4030

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The US dollar looks all set to end the second consecutive week in the green against its leading rivals even as investors cautiously look forward to the release of the non-farm payrolls data for October later in the day. At the time of writing, the US dollar index DXY is trading around 94.29.

In the previous session, the dollar index strengthened by more than 0.5% despite dovish statements from the Fed chair at the latest FOMC earlier this week. Despite Powell stating that he was not considering a rate hike anytime soon, analysts remain optimistic about the potential for more bullishness in the greenback against other currencies, given the rapid pace of economic recovery underway in the US.

On the other hand, Additionally, EUR/USD rose 0.1% to 1.1562, after dropping 0.5% during the previous session, while USD/JPY fell 0.1% to 113.68.

The Fed announced the tapering of its bond-buying program earlier this week, as widely expected, but added that it would be "patient" in deciding when to raise its benchmark overnight interest rate.

While these comments were taken as being dovish by the market, the Federal Reserve is still seen as being nearer to raising its rates than many of its major peers.

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Another news is, GBP/USD could head towards 1.42 by mid-2022. Cable is forecast to pick up further pace in the next year and could reach the 1.42 area around H2 2022, as noted in the Quarterly Global Outlook from UOB Group’s Global Economics & Markets Research.
The GBP is second best to the USD this year within the Major FX space. Supportive factors include hawkish cues from the BOE, COVID-19 hospitalization staying low despite a full reopening and attractive currency valuations.


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