State of the market: optimism returns to the market - Ester Holdings

State of the market: optimism returns to the market

At the opening of a new trading week and month, a moderate growth of optimism can be seen on the market, which is especially evident in relation to raw materials and commodity currencies. At the same time, the dynamics of the oil market remains an exception due to the persistence of fears of a decrease in demand. The reason for the growth of optimism in the market was optimism associated with the expectation of an early conclusion of the US – China trade agreement, the date of which had previously been postponed. Amid growing optimism, the USD/CNY pair updated a multi-month low, which acts as an indicator of trade tension.

The US dollar index maintains a restrained downward trend in recent days, limited by the level of support 97.10-00. Resistance is the upper boundary of the downward channel and the level of 97.30-40. Growing optimism in the market may be a deterrent to the decline of the American dollar.


Read also: “USD/CNY – an indicator
of the progress of the US-China trade relations

Hanzenko Anton


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