The Dollar Index Is Consolidating. Investors Expect Additional Drivers

The greenback continues to show ambiguous results against its main competitors. Yesterday, the dollar index (#DX) closed the trading session with a slight decline (-0.07%). Investors expect additional drivers. Financial market participants continue to monitor the progress of a new stimulus package for the US economy. Donald Trump declined previous comments and said he was ready to approve support for individuals, small businesses and airlines.

The second wave of the coronavirus pandemic has come to the fore again. At the moment, the number of infected in the world has exceeded 36.4 million. Some EU countries have recorded a new anti-record for the number of infected and are planning to introduce new restrictive measures. ECB officials are concerned about the prospects for economic recovery in the Eurozone. The regulator is ready to expand financial incentives if necessary. Today, the UK has released a series of weak statistics on manufacturing output and the country's GDP. We expect data on the labor market in Canada.

The "black gold" prices have been declining after a sharp rally the day before. At the moment, futures for the WTI crude oil are testing the $40.70 mark per barrel.

Market indicators

Yesterday, there was the bullish sentiment in the US stock market: #SPY (+0.89%), #DIA (+0.48%), #QQQ (+0.53%).

The 10-year US government bonds yield is consolidating. The indicator has reached 0.76-0.77%.

The news feed for 2020.10.09:
  • - Data on the labor market in Canada at 15:30 (GMT+3:00).

by Justforex, 2020.10.09

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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