In the Dollar We Trust

Hurricane Irma comes closer by the end of the week.

Economic News
08 сент. 2017 г.
In the Dollar We Trust

Yesterday after the revision of the minimum interest rate (kept at the same level of 0.00%), a press conference of the ECB took place. The markets have been heavily volatile to the statements of ECB President Mario Draghi. During the press conference, the euro reached the level of 1.2060 against the dollar, after which it returned to the level of 1.2000, drawing a 120-point candle on the hourly chart. Now the level of support is at the level of 1.2000. Today at 10.00 (GMT +3) we saw that the pair has updated its 2-year high after reaching 1.2091 in the morning.

In addition, the president of the Federal Reserve Bank of New York, William Dudley, one of the most influential individuals in the field of monetary policy in the country, confirmed the need to continue raising interest rates, recognizing that the inflationary model of the central bank in the US may soon be revised.

“I expect that the U.S. economy will continue to perform quite well, with slightly above-trend growth leading to further gradual tightening of the U.S. labor market," Dudley said Thursday in remarks prepared for a speech in New York.

Today there is a possibility that markets will begin to work out a decline model in advance, against the backdrop of tension on the Korean peninsula. As it is predicted that Pyongyang is preparing to conduct another test of weapons around September 9, when North Korea will celebrate the anniversary of its independence.

In addition, there is a forecast that on Saturday before 8 pm (local time) hurricane Irma will reach the coast of Florida. Yesterday, September 7, the "USA Today" news came under the title "Hurricane Irma: The Greatest Evacuation in History." The authorities began a compulsory evacuation. The evacuation zone includes the cities of South Bay, Belle-Polaid and Pahoki in Palm Beach County. In addition, many of those who can independently leave the zone of possible destruction are encouraged to do so.

Despite such expectations for the end of the week and the achievement of new goals, by the evening many traders will have recorded profits, which will also affect quotations.

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