State of the market: the US dollar remains under pressure

At the opening of Friday trades the US dollar remains under pressure against a basket of major competitors. The main driver for the sale of the American dollar are the recent comments of the US Federal Reserve Chairman Powell that interest rates are near the neutral level. At the same time, the FOMC protocol, published yesterday, pointed to a fast rates hikes in the United States, but the market ignored it. Additional pressure on the dollar comes from the growth of optimism in the stock markets, which are growing as the G20 summit approaches, which is expected to ease the US and China trading tensions.

From the start of the day, the US dollar index has been trading with a slight decline, limited to the Thursday low and the upward channel. Despite the risks of a dollar decline, it is limited by upward dynamics and significant support levels: 96.50-60 and 96.20-30. Resistance is located at levels: 97.00 and 97.20.

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Hanzenko Anton

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