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Despite a number of good fundamental statistics on the US economy, the euro rose very strongly against the US dollar yesterday.
The buyers of risky assets was not frightened by the speech of the president of the European Central Bank, Mario Draghi, who stated that he was satisfied with the current soft monetary policy of the eurozone.
Speeches of the representatives of the FRS also did not render significant support to the US dollar.
Yesterday, the president of the Federal Reserve Bank of Atlanta, Raphael Bostic, said that a gradual increase in rates is advisable in the next few years but the rate of increase in rates will depend on the development of the situation in the economy. Bostic expects GDP growth at slightly more than 2% and the unemployment rate at the bottom of the range around 4%.
The representative of the Federal Reserve also drew attention to the fact that he will carefully study the inflation data in search of signs of accelerated price increases. However, he is inclined to support the rate increase in December as he sees no signs of a slowdown in the near future.
As for the technical picture of the EURUSD pair, further growth directly depends on the breakthrough of the large resistance at 1.1800, which will lead to a new upward wave of the trading instrument with the update of levels 1.1840 and 1.1860 in the short term. The main goal is to reach the upper border of the channel at 1.1890.
The report of the international energy agency IEA led to a decrease in oil quotations after the forecast for the growth in the demand for oil was lowered.
According to the American Petroleum Institute, crude oil inventories in the US increased by 6.5 million barrels a week while gasoline stocks increased by 2.4 million barrels. Stocks of distillates in the US fell by 2.5 million barrels in a week.
Today, we are expecting data on crude oil reserves from the Ministry of Energy, which may lead to further downward correction of the quotations of oil.
As for the technical picture of oil, it is likely that the current downward correction will continue until the moving average is updated. The 30-day average is now located in the $ 53.65 support area for the WTI oil brand while the 50-day average runs in the 52.45 area. It is possible that a rebound upwards can also be observed after updating to the level of 54.40, from which the recent rising wave was formed.
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