The Dollar Index Is Consolidating. Investors Expect Additional Drivers

Since the beginning of this week, the main currency pairs have demonstrated a variety of trends. Yesterday, the dollar index (#DX) closed the trading session with a slight decrease (-0.06%). At the moment, financial market participants have taken a wait-and-see position before the meetings of the Bank of England and the ECB. We recommend monitoring current information regarding the trade conflict between the US and China, as well as negotiations on NAFTA and Brexit.

The Office for National Statistics published a rather optimistic report on the labor market. In August, the number of jobless claims counted to 8.7K. Market expectations were at the level of 10.0K. The unemployment rate remained unchanged at 4.0%. The growth of average wages, taking into account bonuses, accelerated from 2.4% to 2.6%. At the same time, the GBP/USD currency pair closed the trading session in the negative zone. Investors expect comments by the Bank of England representatives on further monetary policy. The meeting of the Central Bank will be held this Thursday, September 13.

The "black gold" prices have been growing. At the moment, futures for the WTI crude oil are testing a mark of $69.75 per barrel. We recommend paying attention to data on the US crude oil inventories at 17:30 (GMT+3:00).

Market Indicators

Yesterday, the major US stock indices closed in the positive zone: #SPY (+0.33%), #DIA (+0.42%), #QQQ (+0.77%).

The 10-year US government bonds yield shows positive dynamics. At the moment, the indicator is at the level of 2.97-2.98%.

The news feed on 12.09.2018:

At 15:30 (GMT+3:00) the producer price index will be published in the US.

by JustForex, 2018.09.12

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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