State of the market: market is waiting for the US data

Wednesday’s trading opened with a general decline in the US dollar against major competitors. Safe assets remain an exception and are traded with restraint, despite rising pessimism and uncertainty. The reason for the American dollar’s decline is the significant upcoming US data: GDP data and the publication of the US Federal Reserve meeting minutes on monetary policy.

The US dollar index remains under the pressure from risks and correction of positions before the upcoming US data. In addition to significant data on the US GDP, the market also expects rates cut in the US Fed, which put the main pressure on the American dollar. Amid pessimistic expectations regarding the US monetary policy, the dollar index will maintain a downward trend, but will be limited by overselling and support levels of 97.60-50 until the release of the US data.

Read also: “What does the US Fed Chairman Powell
statement mean for US the dollar “

Hanzenko Anton

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