The main market’s drivers

In the market there is a multidirectional dynamics. So, most major currency pairs show restraint on declining in front of the US dollar. The exception is the British pound and the Canadian dollar, which receive support from rising oil prices. The overall dynamics of the market remains aimed at the expectation of lowering rates in the United States and hints at the future monetary policy of the US Federal Reserve.

The US dollar index maintains the trading range on Tuesday, trading from 98.20 to 98.00, indicating that the market expects the results of the US Federal Reserve meeting and rates cuts. The uncertainty remains the volumes of rate cuts and how much the US monetary policy will soften in the future. Significant support levels for the US dollar index are located at: 98.00, 97.80 and 97.50, resistance: 98.20, 98.40 and 98.50-60.

Fig. The US dollar index chart. The current price is 98.10 (10-year US government bonds yield is the blue line)

Read also: “Correction on the Elliott Wave Theory”

Andre Green

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