The US Dollar Index Has Updated Local Lows

The US dollar weakened against a basket of major currencies during yesterday's trading session. Dovish comments by Fed Chairman, Jerome Powell, put pressure on the US currency. The official said yesterday that the country's economy is in good condition. At the same time, the Central Bank will not rush to tighten monetary policy in the current year. The regulator will carefully evaluate future economic releases. The dollar index (#DX) updated local lows and closed the trading session in the red (-0.42%).

The political uncertainty concerning Brexit remains. UK Prime Minister, Theresa May, promised the lawmakers that if they did not approve the revised Brexit agreement by March 12, a vote on the no-deal Brexit would be taken. If parliamentarians reject this option, a vote on the Brexit delay will be held on March 14. These statements have supported the pound.

The "black gold" prices have been recovering after a sharp collapse at the beginning of this week. At the moment, futures for the WTI crude oil are testing the mark of $55.85 per barrel. At 17:30 (GMT+2:00), a report on crude oil inventories will be published in the US.

Market Indicators

Yesterday, there was a variety of trends in the US stock market: #SPY (-0.07%), #DIA (-0.13%), #QQQ (+0.10%).

The 10-year US government bonds yield is at the level of 2.63-2.64%.

Today, we recommend paying attention to the following statistics:

- Core consumer price index in Canada at 15:30 (GMT+2:00);
- Pending home sales index in the US at 17:00 (GMT+2:00).

We also recommend paying attention to the speech by Fed Chairman Powell.

by JustForex, 2019.02.27

We advise you to get acquainted with the daily forecasts for the major currency pairs.

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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