A mixed background is being formed today. On the one hand, we can expect a decline in quotations against the background of excess dollar liquidity in the financial system. American bankers are increasing the volume of reverse repo transactions with the Federal Reserve on a daily basis, inasmuch as they have accumulated a substantial surplus of dollars on their balance sheets.

On the other hand, we can expect the development of an upward trend against the background of the growth of the US stock index S&P500, insofar as this currency pair is historically correlated with the US stock market. Investment funds are buying shares on the NYSE again after a three-day correction.

Trading recommendation: flat 109.90 – 110.80.