State of the market: the dollar strengthens on weak data for China

Friday trades opened with the growth of the US dollar against a basket of major competitors, which was caused by weak data on industrial production in China. Which, in turn, strengthened the growth of fears in the market and strengthened the negative dynamics in the stock markets. Thursday’s trading on Wall Street closed at the opening level, indicating a decline in optimism and the formation of a correction. The negative dynamics of Asian stock indices determined market sentiment, triggering a correction and returning investors to safe assets.

From the start of the day the US dollar index has been trading with a strengthening in risk growth, limited to yesterday’s maximum. At the same time, the growth of pessimism and the preservation of the uptrend indicate the potential for an increase in the US dollar, which will be limited to resistance levels: 97.30 and 97.50, support: 97.00 and 96.80.

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Hanzenko Anton

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