State of the market: the American dollar is under the pressure at the start of the day
With the opening of trading on Friday, the US dollar was under the pressure in the basket against its main competitors and mainly against the euro. The reason for this movement was the comments of the US Federal Reserve Chairman Powell, who said that interest rates are at the required level and the risks of slowing down the economies of China and the eurozone are more significant than expected. As a result, the euro received significant support for a short decline in the American dollar.
At the start of the day, China’s trade balance data came out, which turned out to be more positive than expected. In turn, this will affect positively the opening of stock indices in Europe.
From the start of the day, the US dollar index has been trading with attempts of correction after a decline, having updated a low at the level of 96.95. In the face of growing optimism, the recovery of the dollar may intensify, but will be limited by resistance at 97.20 and 97.30. Support is located at levels: 96.80 and 96.70.
Read also: “The economy of Mexico – it’s time to pay attention to the Mexican peso”
Hanzenko Anton
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