State of the market: the US dollar returns to growth - Ester Holdings

State of the market: the US dollar returns to growth

From the start of trading on Wednesday, the US currency has continued to trade with a strengthening against a basket of major competitors. The reason for the strengthening of the American dollar was the growth of pessimism in the stock markets, which was already traced on Tuesday. The main driver for the strengthening of the US dollar was another post of US President D. Trump in social networks, which refuted market expectations for the possibility of implementing the agreement between the US and China, which was concluded at the G20 summit.

As a result, Tuesday’s trading was already closed by the recovery of the American currency across the market, and the dollar index returned to the level of opening of the week. At Asian trading on Wednesday, the American dollar updated the weekly high and broke the downward dynamic, which was traced to the weakness of the US dollar, thereby returning to the upward dynamic, in which the dollar has been trading the last two weeks.

Further strengthening of the dollar is limited by overbought and resistance 97.20-30. Correction and test of support levels: 97.00 and 96.80 will unload the overbought dollar.


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