State of the market: investors maintain a negative mood on the American dollar

At the opening of the new working week, the main currency pairs continue to trade with a strengthening on the weakness of the US currency. An ambiguous data on the US GDP, which, despite the growth of the US economy, showed the potential for slowing inflation in the United States, serves as the driver for the sale of the American dollar on the correction. In turn, it caused a correction movement on the dollar. Fears of lowering target inflation with a significant likelihood have increased the possibility of lower interest rates in the United States. The next meeting of the US Federal Reserve will be held on Wednesday, May 1.

The US dollar index at the opening of the week remains under the pressure of correction, forming a rebound from the level of 98.20-30. The support level is located at around 97.90-80, which will limit the correction phase. A more significant support is the level of 97.60. Test data support levels should be expected before the Fed meeting.

Read also: “Elliott Waves: Zigzag and Plane”

Hanzenko Anton

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

Topical articles of the trader’s blog:

1. Multifactorial analysis of the Forex market
2. Expectations from the USD/JPY for the end of April – early May
3. U.S. and E.U. Trade War

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