We open Buy positions for two reasons. Firstly, the negative real yield on US 10-year government bonds is 3.98%, and on British peers is 2.42%. Inasmuch as the negative yield is higher in the United States, it is not profitable for investors to place capital in American bonds, which is negative for the dollar exchange rate.

Secondly, the rally in the oil market will put additional pressure on the US currency, insofar as the energy carriers and the dollar have been historically inversely correlated. On the eve, the US Department of Energy reported on the reduction of energy reserves in American storage facilities by 6.4 million barrels. Stocks are now below the pre-pandemic level by 17.5 million barrels, which is positive for oil prices.

Trading recommendation: Buy 1.3810/1.3785 and take profit 1.3900.