Analysis of the American Trading Session
Trades on the US dollar index at the US session on Wednesday closed at the opening of the day level. A low at 96.30 was updated as the results of the American session. The American dollar was under pressure from optimism about the US – China trade talks and the expectation of a very soft FOMC protocol. In fact, despite expectations the FOMC protocol turned out to be very restrained, pointing out the possibility of a single rate hike in the United States this year. It actually caused a correction in the dollar to the opening of the day.
After updating the low at 96.30, the US dollar index moved to a correction, which is limited to the downward trading channel. Therefore, the upward dynamics for dollar will be limited by the resistance level of 96.70-80.
The US dollar index chart. The current price is 96.50 (10-year government bonds yield is the blue line)
Read also: “The Central Bank of Canada – the prospects for monetary policy”
Andre Green
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