A decline in quotes in this currency pair should be used to open Buy positions for two reasons.  Firstly, on the interbank market in London the three-month dollar Libor rate, which is the benchmark for bankers, has stabilized at 0.124%, which is below the Fed’s average rate and indicates a surplus of dollar liquidity in the financial system, which is negative for the dollar.

Secondly, the rally in the oil market is gaining momentum, which is also negative for the dollar, inasmuch as raw materials are quoted in the US currency. The latest OPEC+ summit, which ended on Monday, October 4, provoked a powerful increase in oil prices, insofar as the world’s largest producers of black gold do not want to quickly increase hydrocarbon production.