State of the market: the American dollar retreated from lows
At the opening of trading on Thursday, the US dollar and the foreign exchange market in general moved to a correction. Such a market movement is justified by the correction on the recovery of the US dollar due to the growth of pessimistic sentiment on the stock indices of the Asia-Pacific region. The reason for this was the evidence that the US-Mexico trade negotiations failed. Also, the reason for a restrained correction of the market remains the expectation of the ECB meeting results, which will be released today, and the employment report in the US, on Friday.
As a result, the US dollar index is trading in the correction phase at the rebound from the level of 96.80, but at the same time it maintains the downward trend of the current week, actually continuing to be limited to resistance levels: 97.30 and 97.50, after fixing above which it will be possible to talk about the correction of the American dollar. Support levels: 97.00 and 96.80.
Read also: “The S & P 500 index, as a market sentiment index!”
Hanzenko Anton
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