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State of the market: the American dollar is under the pressure
The pressure on the US dollar increased with the opening of trading on Wednesday. The reason for the weakening of the American dollar remains the technical correction of the position on the dollar before the US Federal Reserve meeting. It is also worth to note the growth of negative sentiment on the stock markets, which is associated with the exacerbation of the US – China trade tension and weak data on China’s business activity.
The index of the US dollar remains under the pressure from the start of the day, testing support 98.00. In addition to the technical correction of the dollar before the Fed meeting, it is worth noting the increase in pessimism in the stock markets and the decline in the US government bonds yield. The rate of decline in the dollar will remain restrained, but in conditions of maintaining pessimism, a test of support levels is possible: 97.90 and 97.80.
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Hanzenko Anton
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