Analysis of the American trading session

During the American session on Tuesday, October 24, 2017, the US dollar strengthened its positions against most of the major market currencies. Toward the end of trading, the US dollar fell sharply against most competitors, because of the talks that three Republican senators would not support a tax cut plan. Later, the US dollar played all the lost positions based on a Bloomberg report that John Taylor received the majority of votes in his support for the post of head of the Fed.

The British pound continued to lose ground against the US dollar in US trading. The catalyst for this decline was the pervasive strengthening of the US dollar, as well as the growth of the cross-rate EUR/USD. Also, the British pound was weakened by the weak chances that the Bank of England will raise its interest rate next week, as there is still some uncertainty about Brexit. London has still not given a clear answer about the EU monetary compensation.

The Canadian dollar continued to lose ground against the US dollar, despite rising oil prices. The main reason for this decline was the strengthening of the US currency. As well as the low chances of an increase in the interest rate of the Bank of Canada at a meeting on Wednesday due to a decline in the rate of inflation in Canada.

Alexander Sivtsov