State of the market: the dollar recovers after decline
The US dollar shows a moderate strengthening on the correction after a decline on Thursday at the opening of Friday trading. Earlier, the pressure on the US dollar was exerted by the speech of the of the US Fed representative Williams, who spoke in favor of rates cuts in the United States and collapsed the US currency. Later at the end of the day, the New York Fed made an emergency statement that Williams’ words were solely his opinion, giving support to the American dollar and causing a correction. After such multidirectional fluctuations of the market on the statements, the US dollar remains under the pressure from the expectation of lower rates in the US.
The US dollar index on Friday is trading above 96.80, having previously overcome all significant support levels. Despite the pessimistic expectations of the US Federal Reserve, the dollar index maintains a general upward trend. Support levels are located at the levels: 96.80 and 96.60, resistance: 97.00 and 97.20.
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Hanzenko Anton
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