State of the Market: investors remain optimistic - Ester Holdings
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State of the Market: investors remain optimistic

Trades on Monday opened with a noticeable increase in optimism across the entire spectrum of the market, which in turn caused the strengthening of commodity markets and a decrease in demand for haven assets. Thus, at the beginning of the day, the Australian dollar gained significant support on the optimistic mood of the market and strong data on retail sales in Australia. The growth of commodity currencies also supports the positive start of trading in the Asia-Pacific session.

The exception is oil, which, despite the growth of optimism, remains under pressure of production growth and drilling activity in the US. The additional oil deposit remains a negative outlook for the revision of quotas for oil production under OPEC restrictions.

The US currency remains under pressure across the entire spectrum of the market, demonstrating a slight increase only against the Japanese yen on the growth of optimism about 10-year US Treasury securities. A positive factor for the American is the Friday report on employment in the US, which significantly improves expectations about tightening monetary policy in the US.

The American remains under the pressure of trade and political risks in the US. The additional pressure renders technical correction after the growth, which triggered the output of the dollar index with the ascending channel. The US dollar is traded near psychology at 94.00 and is limited to support levels: 93.80 and 93.60, resistance: 94.30 and 94.50

Hanzenko Anton

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