The main market’s drivers

The European session was restrained negative for the US currency on Tuesday. Pressure on the American dollar increased at the positive opening of American stock indices. It was caused by the growth of optimism in the market and a decrease of the US state bonds yield. But the main strengthening against the US dollar can be seen in commodity currencies, that received support from the growth of optimism, while safe harbor assets are adjusted very restrained.

As a result, the US dollar index updated its minimum at the level of 94.80, confirming the safety of the downtrend by breaking through the psychology of 95.00, indicating the possibility of further reduction to support levels: 94.80 and 94.50-60.

The US dollar index chart. Current price – 94.90 ( 10-year government bonds yield – blue line)

Read also: “Trend and  benefits of understanding it”      

Andre Green

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