The course of trading is influenced by two factors

21.04.2021

The course of trading in this currency pair is influenced by two oppositely directed factors. On the one hand, a substantial surplus of dollar liquidity in the financial system contributes to the depreciation of the American currency. On the eve, the USDX dollar basket index tested a six-week minimum.

On the other hand, a strong uptrend in the US stock market could provide support for this currency pair, inasmuch as it is historically correlated with the S&P500 index. I expect the growth of US stock market until April 28, when the Fed will hold its next meeting. After that, I expect a correction for several days, which I associate with the US Treasury auction on April 30, when the Treasury will place bonds in the amount of $130.6 billion, which will be the maximum volume this month.

Investment idea: flat 108.25 -109.00.