The US Dollar Is Consolidating. Investors Expect Additional Drivers

The US dollar does not change a lot relative to the basket of major currencies. The dollar index (#DX) closed yesterday's trading session with a slight increase (+0.09%). Investors expect additional drivers. Now, financial market participants hope to receive at least some signals regarding progress in US-China trade relations, as well as the Brexit process.

The Euro has been declining after the release of weak data on economic activity in Germany and the Eurozone. Thus, German manufacturing PMI counted to 41.4 in September and was worse than the expected value of 44.0. Markit composite PMI in the Eurozone counted to 50.4 in September instead of 51.9. Investors are concerned about the development of the recession in the Eurozone economy. Additional support for the US currency was provided by the US Manufacturing PMI released yesterday, which reached 51.0 in September instead of 49.6.

The "black gold" prices have been declining. Currently, futures for the WTI crude oil are testing the $58.10 mark per barrel. At 23:30, API weekly crude oil stock will be published.

Market Indicators

Yesterday, there was a variety of trends in the US stock markets: #SPY (-0.02%), #DIA (+ 0.04%), #QQQ (-0.16%).

The 10-year US government bonds yield has moved away from local lows. At the moment, the indicator is at the level of 1.71-1.72%.

The Economic News Feed for 24.09.2019:
  • - German IFO business climate index at 11:00 (GMT+3:00);
  • - US consumer confidence Index at 17:00 (GMT+3:00).

by JustForex, 2019.09.24

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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