A negative background for the dollar is being formed today. Firstly, on the interbank lending market in London, rates on dollar loans are falling again, which is negative for the exchange rate of the American currency.

Secondly, investors are starting to buy gold in the commodity market, which also carries risks for the dollar, inasmuch as the American currency has been historically inversely correlated with the precious metal. There is a split now in the FRS: one part of the officials is in favor of an early reduction in the QE program (negative for gold), the other part proposes to continue for several months and after that start curtailing stimulus(positive for gold). “When there is no agreement among the comrades, their work will not go well, and only torment will be there.”

Trading recommendation: Buy 1.1720/1.1690 and take profit 1.1780.