State of the market: the market is waiting for the US data

With the opening of trading on Wednesday, low activity remains on the market, which was traced in most currency pairs by the formation of a narrow flat from the start of the day. The reason for the low activity was the weekend in a number of Asian and European countries. Similar dynamics are expected at the European trading session. The growth of activity should be expected closer to trading on the US session and the publication of data on the United States. Expected data for the United States today remains very significant and will have the strongest impact on the market.

The driver of activity growth at the beginning of the day was employment data in New Zealand, which unexpectedly showed a decline. This caused a marked decline in the New Zealand dollar. But with the restrained dynamics of the market, this news was received very restrained.

From the start of the day, the US dollar index has been trading near the weekly lows in the flat near the 97.50 mark, being corrected after the decline. An additional factor in American dollar’s restraint is waiting for the Fed meeting results. Expectations for which remain very negative against the background of the possibility of a slowdown in the US inflation. Resistance levels: 97.60 and 97.80, support: 97.30 and 97.00.

Read also: “S&P500 index as a market sentiment index!”

Hanzenko Anton

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