Analysis of the American trading session
During the American session on Friday, October 27, 2017, the US dollar weakened its positions against most of the major currencies of the market. In general, the decline in the US currency was caused by profit-taking by investors on the eve of the weekend, after strengthening its position across the entire spectrum of the market during the trading week.
Some support for the US dollar at the beginning of the American session was provided by data on the US GDP.
- According to published preliminary data, GDP growth in the third quarter was 3.0%, which exceeded the forecast at 2.5%.
- The GDP deflator in the third quarter increased by 2.1%, exceeding the previous value of 1.0%.
Commodity currencies significantly strengthened their positions against the US dollar in the course of US trading, which was influenced by the strengthening of oil prices. During the trading on Friday, oil quotations rose by an average of 2.8%, which was caused by the announcement of the readiness of Saudi Arabia and Russia to extend the global pact to reduce oil production, which expires in March 2018.
Alexander Sivtsov