The US dollar index has been moving up for several days. The main drivers for its growth were Joe Biden’s statements and some other political and economic events. In this video, we are going to share with you our detailed analysis of the US dollar as well as other main trading instruments of the Asian session. Let's get cracking!
The greenback has been steadily rising for a while. On Monday, it reached a new high following the news that Joe Biden decided to keep Jerome Powell as Fed Chair. Today, the index has already touched 96.60. So, analysts predict a corrective decline approximately to 96.20. The US dollar index is likely to trade in the range of 96 - 96.5 in the next few days given the current political and economic situation.
The yen has weakened significantly due to the greenbacks' rally. Recently, all the macroeconomic news from Japan has been rather negative. This is why the yen is trading within the main market trend. Today, the yen/dollar pair has climbed to 115.10. Yet, it started to decline in anticipation of the US dollar's correction. Analysts expect the pair to drop to 114.60, hovering at this level for some time. No sharp swings are likely to occur.
In general, the yen is now quite sensitive to the dynamic of Treasury yields. It lost ground also because of the weak results of 5-year government bonds action with the amount of $59 billion in Japan. This is why the yen is unlikely to strengthen in the short term. What do you think of this forecast?
Meanwhile, the Australian dollar keeps declining. The AUD/USD pair has already dropped to the previously predicted level of 0.7220. Now, it is highly likely to perform a short-term rebound despite the lack of positive economic news from Australia.
That’s all for now! However, we are already making a new video. Do not miss it! Subscribe to our channel and stay up to date with the latest market news! See you!

00:00 Intro
00:27 USDX
01:00 USD/JPY
01:57 AUD/USD

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