Analysis of the day

On Monday, November 13, trades on most of the major pairs turned out to be highly different, which was caused by a number of factors. One of the main drivers at the beginning of the day was data on the growth of political instability in the UK. Thus, forty members of the British Parliament expressed a vote of no confidence in British Prime Minister T. May “The British Pound is under political pressure.” As a result, the British pound weakened throughout the spectrum of the market. But, closer to the close of European trading, began to recover.

Also at the beginning of the week, the US currency showed growth on the move against Friday and slightly strengthened against the main basket of world currencies. But the persistence of fears of tax reform in the US and the negative dynamics of stock indices did not allow the American to develop a significant upward trend.

In addition to maintaining low-priced trading in the dollar and general pessimistic sentiment on the market, commodity currencies also came under pressure. This indicates the general unwillingness of the market to develop the movement and confirms the mood of last week, thereby indicating the forthcoming low-key dynamics.

Also, the economic calendar will be full of news tomorrow, which can cause a noticeable increase in volatility.

The US dollar index is trading near significant support at 94.400, closing the day with a small increase of 0.08%. Also, the dollar index forms some semblance of the reversal figure “inverted head and shoulders” confirming the existing lateral trend.

Anton Hanzenko