Dollar Supported by Higher Yields, Rising USD/JPY

The Dollar can thank Fed Chairman Powell for the latest push higher today, after helping open the door to 50 basis point rate hikes at upcoming FOMC meetings. This helped spur a further extension of the breakout in Treasury yields, which in turn also leaves plenty of upside potential for USD/JPY at the moment.

Elsewhere, the Dollar is also shining with EUR/USD on course for a third straight day of declines after failing to hold firmly above 1.1100:

Sellers are now in control in the near term of a break below the 100 and 200 hourly moving averages, with a drop below 1.1000 adding downside risks for the pair in the near term.

On top of that, GBP/USD also continues to see a rejection from 1.3200 and the latest is a bit of a setback for buyers as the price also drops past the 100 hourly moving average:

GBPUSD S1 22-03

This keeps the short-term bias more neutral now with support seen at the 200 hourly moving average at 1.3107. A break below opens the door for a potential decline towards 1.3000 next for the Cable.


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