Analysis of the American session
Trades at the American session on Wednesday closed with a restrained weakening of the dollar index against a basket of competitors. The weakening of the American dollar was caused by a technical correction after growth, which, in turn, was the weakening of the euro. Pressure on the euro was exerted by a technical correction of positions on the expectation of a reduction in the ECB deposit rates. They also expect hints from the ECB meeting to further stimulate the eurozone economy.
The dollar index on the weakness of the euro came out of the side channel, indicating the possibility of forming an upward correction, but was limited by upcoming data on the eurozone and the US, and overbought. As a result, the dollar index limited itself to lateral dynamics from 98.80 to 98.50.
Fig. US dollar index chart. Current price – 98.60 (yield on 10-year US government bonds – blue line)
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Andre Green
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