27 Oct

The Dollar Index Is Consolidating. Investors Expect Additional Drivers

October 27, 2020

by JustForex

The US dollar shows ambiguous results against a basket of world currencies. The dollar index (#DX) is consolidating in the range of 92.87-93.10. Investors have taken a wait-and-see attitude before the US presidential election, which is scheduled for November 3. The new wave of COVID-19 continues to impact the global economy negatively. At the moment, the number of infected in the world has approached 43.5 million. Some countries have introduced new restrictive measures.

Financial market participants also expect meetings of the Bank of Canada, Bank of Japan and the ECB later this week. Experts agree that regulators will keep the key marks of monetary policy at the same level. We recommend paying attention to the comments by the representatives of the Central Banks. Today, traders will be focused on economic releases from the US.

The “black gold” prices have been growing. At the moment, futures for the WTI crude oil are testing the $39.00 mark per barrel. At 22:30 (GMT+2:00), API weekly US crude oil stock will be published.

Market indicators

Yesterday, there were aggressive sales in the US stock market: #SPY (-1.85%), #DIA (-2.24%), #QQQ (-1.50%).

The 10-year US government bonds yield has become stable after a sharp drop the day before. At the moment, the indicator is at the level of 0.79-0.80%.

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The news feed for 2020.10.27:
  • – Durable goods orders in the US at 14:30 (GMT+2:00);
  • – US consumer confidence index at 16:00 (GMT+2:00).

by JustForex

 

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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