Analysis of the past week

The last week of July turned out to be very informative and we can say that this week the US – EU trade relations moved from the standpoint of opposition to the settlement, which was facilitated by the meeting between Trump and Juncker. On the other hand, the growth of the euro on this news was completely blocked by the soft rhetoric of the ECB, which allowed the US currency to close the week by growth.

Despite the closing of the week in plus, the US dollar index remains under pressure of Trump’s protectionism risks. The level of resistance for the American dollar remains psychology 95.00, support 94.40-20, but it is worth noting the upcoming data on the US: the Fed meeting and the publication of the employment report for the upcoming week that will affect the dynamics of the dollar.

The US dollar index H4 chart. The current price is 94.70 (10-year government bonds yield is a blue line)

Hanzenko Anton