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US dollar beats all other fiat currencies

EURUSD Tech analysis by Simon Kazinsky on 15:25 February 22, 2020 EST

The US dollar is set to finish the month in the black, continuing the trend started at the start of the year.

Nothing but gold seems to be able to beat the US buck. The Euro, which amounts for 50% of the basket of currencies the US is measured against in its index is currently sinking after a period of consolidation and it remains quite likely that parity will be reached in a few weeks or months. But the overweight of the single currency is not the only reason for the appreciation in the index as all other currencies are giving way to the all mighty dollar, that includes the Japanese -always consired a safe haven- and of course the British pound that broke below 1.30 this month.

Exotic currencies are also feeling the heat particularly the Turkish Lira and the Mexican and Colombian pesos.

From a technical perspective the critical supports are not under threat and if the stock markets becomes a bit unsettled the continuation of the trend is almost ensured.