State of the market: the American dollar remains under the pressure
After yesterday’s speech by the US Federal Reserve Chairman Powell, the US dollar remains under the pressure across the market. The reason for the decline of the American dollar remains the tone of the speech indicating the inclination of the Fed to reduce US rates. Due to this, the US currency has accelerated the decline against key competitors. Powell’s comments on relatively weak inflation are also worth mentioning, which also puts pressure on the dollar before the publication of data on the US inflation, which will be released today.
From the start of the day, the US dollar index continued to decline against the basket of competitors, as a result, it overcame the psychological mark of 97.00. The American dollar actually remains under strong correction pressure after growth, limited to oversold and support levels: 96.80 and 96.60-50.
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