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Analysis of the past week
The last week of July was marked by two significant events, which set the tone for trading on the market. So, the first were the meeting results of the US Federal Reserve, which supported the US dollar, despite the rates cuts. The growth of the American dollar was caused by the Fed tone, which made it clear that he would not take the path of further cuts in rates. As a result, the US dollar index rose sharply, updating the high at 98.90.
The second significant news was the statement by the US President D. Trump about new trade duties on Chinese goods, returning pessimism to the market and exacerbating the risks of a slowdown in the global economy. Against this background, the US dollar was under the pressure and almost completely corrected after growth. The US dollar index returned to the support level of 98.30-20.
The weekly volatility of the dollar index was about 1.05%. At the same time, the week closes with restrained growth. And the US dollar index found support at the levels: 98.20 and 98.00. A further decline in the dollar will largely depend on the US foreign trade policy. The American dollar is likely to strengthen amid the decline in trade tension.
Fig. The US Dollar Index Chart H4. Current price – 98.20 (10-year government bonds yield – blue line)
Hanzenko Anton