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The US currency is facing turbulence again this week. The volatility of the dollar is facilitated by the introduction of US duties on the import of steel and aluminum from Brazil, as well as active criticism of the Fed's actions by the head of the White House. Such measures undermine the greenback, taking away its chances of a dominant position.
Experts do not exclude that the statements of Donald Trump are not always a guide to action, however, regular calls to the Federal Reserve on the devaluation of the national currency are not in vain for the USD. The dollar responded by sagging these attacks, and its recovery was complicated by a report on weak US production data. The current turmoil negatively affected the EUR/USD pair. At the same time, the European currency felt better, having made growth attempts, although in the future it again lost ground.
The EUR/USD pair consolidated above the correctional level of 1.1057 on Tuesday, December 3, and began to move to 1.1080. Experts consider this bar a key level for the pair. Subsequently, the pair rose to the levels of 1.1081–1.1082, but could not stay there for long.
Analysts assumed that the pair will be able to reach the most important level of 1.1100, but this did not happen. On the contrary, it showed a downward trend. The EUR/USD pair is trading in the range of 1.1075–1.1076 today, making desperate attempts to overcome the appeal of these numbers.
After some time, this attempt was successful, and the pair rose to 1.1083–1.1084. Now the EUR/USD pair is trying to gain a foothold at these levels, pushing off from them in order to move on. According to experts, a radical reversal is possible only if the 1.1160 bar is overcome. Note that a 200-day moving average passes through this level, and there are two previous peaks of the EUR/USD pair on it.
At the beginning of the week, the EUR/USD pair showed strong growth, and the greenback entered the peak, being on the verge of collapse. Specialists drew attention to the market decline at the same time as the dollar, which is a rare combination than their parallel growth. A significant driver of the greenback's fall was the rapid rise of the Australian dollar. The AUD/USD pair rose by 0.8% due to disappointing data on the index of business activity in America. Recall, after this report, the greenback sharply dipped in relation to most world currencies.
According to analysts, the current situation may be extremely negative for the dollar. At the moment, its weakening is recorded, although the greenback is still not going to give up its positions. Experts believe that the stock markets will try to return to the rise amid the US currency's fall. Another scenario is also likely: markets may continue to fall due to fear of trade conflicts. In any case, the greenback will have a hard time, especially when its dominant position is under threat.
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