An analysis of the previous day

On Tuesday, October 24, the US dollar index continued trading with a strengthening after a slight decline at the beginning of the day. Despite the positive dynamics of the American, the dollar index remained limited by the highs of the previous day, which was caused by the lack of drivers to strengthen.

The single currency managed to retreat from the two-week lows against the American on mixed business activity data in the euro area and the weak strengthening of the American. But the dynamics of the pair continues to maintain a negative mood, which indicates the possibility of further decline. The minimum of the day is 1.1740, the maximum is 1.1770.

The British pound weakened across the spectrum of the market on concerns regarding the Brexit negotiations. It intensified because of the upcoming meeting of the Bank of England. A decrease in the pound indicates negative expectations for the currency and confirms a downtrend. The minimum of the day is 1.3120, the maximum is 1.3220.

Anton Hanzenko