State of the market: American is in the phase of correction - Ester Holdings
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State of the market: American is in the phase of correction

Stock markets of the Asian- Pacific region are traded with a plus, despite the slight increase in Wall Street quotations. The growth of the Pacific indices was caused by the expectation of a rise in companies’ profitability and the start of negotiations between South and North Korea.

In spite of continued optimism at stock markets, some uncertainty in the currency market persists, caused by fundamental factors and correction. Thus, the euro and other European currencies are under pressure of correction after prolonged growth, which is due to the recovery of the American currency.

The Japanese yen received noticeable support at the beginning of the day based on data on the decline in purchases of long-term Japanese state bonds on the part of the Bank of Japan, indicating the gradual phasing out of the Japanese economic stimulus program. The market has long awaited such actions from the Central Bank of Japan, but this action is akin to a temporary need, rather than a full-fledged rollback of stimulus measures, which will limit the further growth of the yen in the future.

The American currency index is traded with a strengthening near significant resistance of 92.00, retaining the potential for strengthening and developing the “double bottom” figure. At the same time, the index is limited to resistance levels: 92.20 and 92.40. The support is located at the mark: 92.00 and 91.80.

FIg. The US dollar index. The current price is 92.10.

Hansenko Anton

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