Analysis of the past day - Ester Holdings

Analysis of the past day

On Wednesday throughout the day on most of the major currency pairs  high volatility was traced, the reason for which was the results of the ECB meeting. At the end of the ECB meeting, the euro zone monetary policy did not change. The driver for the increase in volatility was the press conference of the ECB President M. Draghi. The main negative note of Draghi’s speech was the fear of lowering inflation and the need to revise tools to maintain it. As a result, Draghi’s statements were regarded by the market as mild rhetoric. On the other hand, the collapse of the euro was limited by very weak  US inflation data.

The stock market also were traded volatilely and in different directions, following the currency market (Nikkei 225-0.53; DAX +0.50; FTSE 100-0.10; Dow 30-0.10).

The US dollar index, despite the weak inflation data in the US, managed to update the highs of recent days at the level of 97.20, thanks to the overall sale of the euro. But an American dollar can hardly develop a full-scale correction in conditions of increasing trading risks. Resistance levels: 97.20 and 97.30, support: 97.00 and 96.80.

The US dollar index chart. The current price is 97.10 (10-year government bonds yield is the blue line)

Hanzenko Anton

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