Overview of the foreign exchange market 07.11.2019

What do we see in the foreign exchange market?

Last week managed to reduce the value of the dollar US on the background of the decision to reduce the interest rate of the fed.

After the release of the us employment data, the dollar index ended trading in negative territory, coming close to the local minimum of the last three months.

The overall mood on the dollar is moot, the currency is under pressure, while stock markets have subdued historic highs.

Not the most unambiguous picture shows the European EU currency. On the one hand, we finally managed to get out of the global downward market, on the other hand, the price has not yet broken through the important medium-term resistance area on this market.

The dynamics of the European will depend on this area. Against the backdrop of a weakening dollar, Europe can seriously strengthen.

Brexit has been postponed again. The artificial optimism of investors is gradually fading away.

Having fought off a historic low in the run-up to The brexit decision, the pound GB strengthened markedly and closed October with a stunning rise.

Anyway, the market needs a break before the next wave of growth. We observe a corrective movement.

At the same time, in case of weakening of the us dollar, it is not excluded the continuation of growth. The General mood is rising, the market is bullish.