State of the market: the American is under pressure of correction

Trades on Monday opened with a correction of the US dollar against the basket of major currencies, which was caused by the growth of optimism at the beginning of the week. The positive sentiments was caused by the low activity, technical correction after Friday’s dollar growth and cooling risks associated with the trade confrontation between the US and China.

Stock markets in the Asia-Pacific region show a significant increase at the beginning of the day due to the reduction of risks associated with the risks of aggravating the trade confrontation. Oil remains under pressure of fears to increase quotas for oil production in OPEC and the growth of drilling activity in the United States. As a result, oil remains near the level of the month’s opening, after it updated the four-year highs.

The US dollar index since the beginning of the day remains under pressure of correction against Friday, but is limited by the general upward trend and support levels: 93.80 and 93.60. These marks remain very significant and from them the repulsion is possible. But in conditions of today’s low activity, near these levels the formation of a flat is also possible.

Also, read: “In Focus: a profitable deal in May“

Hanzenko Anton