Analysis of the American Trading Session
The US Friday session was short due to the celebration of Thanksgiving Day in the US, but it did not prevent the US currency from continuing to grow. The decline in activity by the end of the day and the close of the week had a limiting effect on the market. At the end of the day, the dollar index closed near the highs of the week, indicating a change in the general downtrend in the American dollar. A weak statistics for the eurozone was the reason for such a rapid growth of the dollar. As a result, it caused the growth of pessimistic sentiment in the market and the return of demand for the US dollar.
On Monday, trading in the foreign exchange market opened with a move against Friday, having won back a significant part of the points earned by the American dollar on Friday, which also caused a return of optimism to the stock markets. Further decline in the US dollar index is limited by oversold and support: 96.80 and 96.60.
The US dollar index chart. The current price is 96.80 (10-year government bonds yield is the blue line)
Read also: “What is an Intervention – The Impact on the Foreign Exchange Market?”
Andre Green
Earn with the help of the trade service on the news Erste News!
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