State of the market: pessimism continues to support the dollar
At the opening of trading on Tuesday, the market remains upward dynamics of the US dollar. The reason for the strengthening of the dollar are the risks associated with negative sentiment on stock exchanges and rising oil prices on signs of a decrease in supply. It is also worth to note the weakening of the Australian dollar at the publication of the RBA meeting minutes. According to the results of the September meeting, the RBA maintained a restrained soft rhetoric regarding interest rates, while retaining the possibility of lowering interest rates if necessary and noting a slowdown in wage growth. This was regarded by the market as the dovish tone of the Central Bank of Australia.
The US dollar index was traded on the side channel from 98.50 to 98.80 on Tuesday, remaining limited by correction after yesterday’s growth, but maintaining an upward dynamics on risks. It’s too early to talk about the movement of an American dollar outside the specified range. But the possibility of reducing the American dollar on the correction of positions before tomorrow’s data is not ruled out.
Read also: “A new front opens in the trade war”
Hanzenko Anton
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