The US dollar remains under pressure

The US dollar continues trading under pressure at the beginning of the US stock market session. The main pressure on the US dollar is provided by yesterday’s statement by Donald Trump about the introduction of duties on imports of steel and aluminum, which caused dissatisfaction on the part of several countries, which could provoke countermeasures against the USA on the part of major trading partners: Europe, Canada and China. Some pressure is exerted by mixed data on consumer optimism in the United States.

• According to published data, the consumer sentiment index from the University of Michigan declined in February to 99.7, against the previous value of 99.9.
• The consumer expectations index from the University of Michigan also slightly decreased and amounted to 90.0, which is below the previous value of 90.2.

The US dollar index remains near the low of today’s trading at the level of 89.84. It is also worth noting that on the daily chart, the figure “Double bottom” was corrupted, and in this connection, a stronger depreciation of the US currency is possible.

Fig. Graph of the US dollar index. The current price of DXY is 89.88.

Alexander Sivtsov