The US dollar Keeps Marching North, Lira Hits a Fresh Record Low

Accelerating US Inflation Pushes USD to a New Record Against TRY

The US dollar continued marching north against all the other major currencies on Thursday and during the Asian session Friday, gaining the most versus CAD, NZD, and GBP in that order.

USD/TRY — Technical Outlook

USD/TRY continued its crazy advance yesterday, hitting a fresh record at 9.978, slightly below the round figure of 10.000. Overall, the pair has been in a short-term uptrend mode since September 7th, with the trend accelerating more and more as marked by new shorter-term and steeper upside support lines. So, with all that in mind, we see decent chances for the rate to continue sailing into uncharted waters.

USD/CAD — Technical Outlook

USD/CAD traded sharply higher the last couple of days, after it hit support at 1.2390, near the upside support line drawn from the low of October 21st. What’s more, it emerged above the 1.2500 zone, thereby confirming a forthcoming higher high on the 4-horu chart. In our view, all these technical signs paint a positive near-term picture.

As for Today’s Events

The calendar is light today as well, with the only releases worth mentioning being the US JOLTs Job Openings for September and the preliminary UoM consumer sentiment index for November. The job openings are expected to have declined somewhat, while the Michigan index is forecast to have inched up to 72.4 from 71.7.

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