State of the market: the American dollar is under the pressure after growth

At the opening of trading on Thursday, the US dollar remains under the pressure after the growth on Wednesday. Earlier, the American dollar received support from the resumption of risks of exacerbation of thr US – China trade tension. This caused strengthening of the American dollar against the euro and commodity currencies. At the opening of trading on Thursday, the reverse trend with a weakening US dollar. The growth of optimism on the stock markets remains restrained, which may limit the correction of the dollar.

Also at the beginning of the day were published data on employment in Australia, which showed a significant increase in employment. Against this background, the commodity currencies of the Asia-Pacific region, along with the Australian dollar, received support. As a result, they were limited by the risks of a trade war.

From the start  of the day, the US dollar index has been trading in the correction phase after the growth at the rebound from the level of 98.00. Despite the potential for decline, the American dollar left the multi-day side channel, limiting himself to support levels: 97.80 and 97.70, and resistance: 98.00 and 98.20.

Read also: “Fundamental analysis:
The impact of inflation on world currencies”

Hanzenko Anton

Earn with the help of the trade service on the news Erste News!

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