The main market’s drivers
After the US dollar accelerated growth against a basket of competitors on ambiguous data on the US GDP, the US dollar index updated the significant resistance level of 97.20-30. Thus, the dollar index was in significant overbought against the majority of its main competitors. The main growth of the American dollar fell against the safe haven assets as gold and the yen, which was also due to the growth of the US state bonds profitability and optimism in stock markets.
Further strengthening of the dollar index against the basket of major competitors will be limited by its overbought, in particular, against European currencies and safe haven assets.
The US dollar index chart. The current price is 97.30 (10-year government bonds yield is the blue line)
Read also: “MACD indicator is a reliable tool for technical analysis”
Andre Green
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