The main market drivers - Ester Holdings

The main market drivers

From the start of the day, the market has maintained a high degree of negative sentiment in the market, which has resulted in a decrease in stock indices and risky assets. So, from the beginning of the day, the oil market has remained under the significant pressure. European stocks continue to trade in the red zone, despite attempts of growth. The reason for the growth of pessimism, in addition to technical correction, were reports that China wants to conduct an additional trade negotiations with the United States. Before the final signing of the first phase of trade talks.

Given the complete absence of any terms of trade negotiations between the United States and China, this kind of news significantly undermines optimism regarding fruitful trade agreements between the United States and China. Due to this, the US dollar index  corrected noticeably against a basket of competitors. But the main growth of the American dollar was traced against commodity currencies. The US dollar index continues to be limited at 98.50, maintaining a downtrend. Significant resistance is located at the levels: 98.60 and 98.80, support: 98.30-20 and 98.00.

Fig. US dollar index chart. Current price – 98.50 (10-year US government bonds yield – blue line)

Read also: “The results of the ECB
September meeting for the global economy”

Andre Green


Earn with the help of the trade service on the news Erste News!

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