Analysis of the American trading session

During the American session on Thursday, February 22, 2018, the US dollar declined against most of the major market currencies. The depreciation of the US currency was caused by technical factors and profit-taking by investors after the strengthening of the US currency the day before on the background of the publication of the FOMC protocols. Also, due to changes in the correlation between the stock and currency markets, the pressure was exerted primarily by the US stock indices (Dow + 0.66%, S & P 500 + 0.10%, Nasdaq -0.11%).

The Canadian dollar in the course of US trading demonstrated mixed dynamics and completed trades with some decline against the US dollar. The main pressure on the Canadian was put by weak data on retail sales in Canada. See “The Canadian loses ground“. A more significant decline in the Canadian currency was hampered by the widespread weakening of the US currency, as well as the recovery in oil prices.

Alexander Sivtsov