February is likely to be a positive month for the US Dollar as traders might start looking to rebalance their positions following the latest FED interest rate hike.
The better-than-expected GDP figures coupled with the recent strong jobs report published on Friday are likely to support the Greenback in the coming days.
The US Dollar managed to bounce from a 9-month low on rising inflation concerns that should keep the US monetary policy tight. Chair Powell mentioned during the FOMC press conference that the FED is not ready to pause its aggressive rate hike campaign anytime soon.
On the other side, Oil prices remain under pressure after the G7 agreed to expand sanctions on the Russian Oil industry. Meanwhile, the US stock market continues to hold steady since the beginning of the year backed by strong earnings, especially in the technology sector.
Now let us have a look at the monthly technical outlook for major currencies, commodities, and indices.