State of the market: dollar continues its correction (Anton Hanzenko)
At Tuesday’s trading, the US currency traded with a restrained strengthening against the basket of major competitors, receiving support for the correction after the decline and maintaining optimism that the US Federal Reserve will raise rates, despite Trump’s statements. A very optimistic attitude towards rates also affected the stock markets of the Asia-Pacific region.
Previously, the market saw a rapid increase in the yield of US state bonds, which can be regarded more as an asset protection than an increase in optimism. Also, the high yield of treasury securities can upset the recovery of the American dollar.
The US dollar index remains in the corrective phase, limited to resistance levels: 94.80 and 95.00. Support is located at the level of 94.50-60.
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Hanzenko Anton
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