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Analysis of the American session
The American trading session on Wednesday closed with a significant decline in the US dollar against a basket of competitors.
The reason for accelerating the decline in the US dollar was several factors:
- general strengthening of the euro and the pound on reduced risks of a tough Brexit,
- weak US retail sales data that exacerbated the risks of slowing inflation,
- and statements by the US Federal Reserve member about more aggressive US rates cuts in order to increase inflation.
Due to this, the US dollar index updated the month’s low and maintained a downward trend.
From the start of the day, the US dollar index remains in the correction phase after the decline. Despite attempts of growth, it remains limited by resistance levels of 98.20-40. Support are the marks: 97.80-60.
Fig. US dollar index chart. Current price – 98.10 (10-year US government bonds yield – blue line)
Read also: “US and China return to the negotiating table”
Andre Green
Earn with the help of the trade service on the news Erste News!
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