State of the market: optimism for the American dollar remains
With the opening of the new trading week, the US dollar maintains a restrained upward dynamic against most competitors. The reason for the strengthening of the US dollar across the market on Friday was more positive data on the US retail sales than expected. It became the reason for the revised probability of rates cut in the United States at the upcoming Fed meeting and, as a result, caused a widespread growth of the American dollar.
From the start of trading on Monday, the US dollar index has been trading with a moderate strengthening, testing the strength of Friday’s high at 97.60. After such a rapid growth of the dollar on Friday, one should have expected the formation of a movement against Friday on correction, but this movement should be expected on the return of the American dollar to the level of 97.50, which is closer to the American trading session. While the American keeps upward dynamics, we can expect a test of resistance levels: 97.60 and 97.70.
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Hanzenko Anton
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