A mixed background is being formed today. On the one hand, an uptrend can be expected against the background of a bullish rally in the US stock market, inasmuch as this currency pair has been historically correlated with the S&P500 index. Investors are again actively buying shares on the NYSE, insofar as they do not expect the Fed to change its monetary policy in the coming months.

On the other hand, the Fed will conduct operations in the Treasury bond market today, where it will buy assets worth $8.4 billion, which can trigger a sales in the US dollar, inasmuch as this is a substantial volume for such transactions.

Trading recommendation: flat 110.40 – 111.30