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    Dollar aims at May minimums

    Dollar aims at May minimums
    Previous day passed in chamber tones, despite series of significant events. Neither Mario Draghi’s press conference on outcomes of the ECB session, nor speech of Janet Yellen in US Congress and economic statistics could provoke considerable movements. Decline in activity of the exchange market for last days is visible to the naked eye. In his speech, Draghi was reserved – a little bit of positive, some doubts, but he didn't allow himself to make loud statements. The lack of any surprises let dollar continue growth yesterday. 
    Today the main event will be publication of data on inflation in the U.S.A. In her yesterday’s speech, Janet Yellen noted that the reason of low inflation was temporary factors such as growth of dollar’s rate and low oil prices. Actually, there are no changes in this regard yet, so moderate growth in accordance with forecasts will be already a positive. Besides, reports on housing market will be published. And here forecasts are more mixed, but they are generally positive for dollar. Taking into account weak correlation of forecasts with the reality on US statistics for last time, we can just repeat that everything depends on actual data today.
     
    Trade tactics:
    The fact that yesterday EURUSD pair closed below 1.0900 is a positive sign for dollar. Bounce from 1.0860 was short-term and moderate, signals of reversal of movement aren’t formed. Herewith short-term technical indicators are slightly “lightened” and left oversold areas, what allows moving further. The next aim can be the range 1.0810 – 1.0830. For today we consider as an option sales from 1.0900 – 1.0920, stop at 1.0980 with pointed aims. 
     
    Any opinions, advice, news, research, analyses, prices or any other information presented on this webpage is provided as general market commentary and does not constitute investment advice. "Vector Securities" shall not be liable for any loss, including loss of profit, which may arise directly or indirectly from the use of this information. 

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