Inflation Worries Lift USD
The US dollar has benefitted from a hawkish Fed. Although they did not raise interest rates this meeting, they hinted that it was possible every subsequent meeting in 2022. The primary issue is persistent inflation, the highest in a generation, and this has bled into the dollar, pushing it past all of our targets in the 96 handle. Currently we are on the verge of the 97 handle, with 97.03 the next target and first level in the 97 handle. We are testing that very level at the time of this writing, though a notable pump appears to be attempting to break it. The next target is 97.32. In the event of a retracement, 96.65 should provide support.
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