Dollar rallies as investors focus on G-20
2018-11-30 12:27 pm | Resource: News | No Views : 57
The dollar rose on Friday as investors shifted their focus to the G20 summit, which begins later in the day in Argentina.
US markets are expected to open with losses on Friday ahead of the G20 summit in Buenos Aires. President Donald Trump is scheduled to meet with his Chinese counterpart Xi Jinping on the sidelines of a trade talks summit. Trump said earlier he was happy with the current situation, but Hu will try to reach a trade deal. At the same time, Trump's scheduled meeting with Russian President Vladimir Putin was canceled due to current tensions between Moscow and Kiev.
- The Dow Jones Industrial Average was expected to open 0.37% in the red zone.
- The NASDAQ 100 was seen early in the session as it lost 0.23%.
- The Standard & Poor's 500 Index was 0.27% lower.
As part of the G-20 summit, and Russian President Vladimir Putin arrived in the Argentine capital Buenos Aires for the two-day G20 summit.
Contrary to what was planned in advance, Putin will not hold talks with US President Donald Trump at the event, after his US counterpart abruptly canceled the meeting yesterday, referring to Moscow's behavior with Ukraine.
On the other hand, said German Chancellor Angela Merkel plans to talk to the Russian leader on the sidelines of the event, confirmed her spokeswoman. And will try to pressure Putin to calm the confrontation with Ukraine, which was exacerbated recently by the Russian seizure of three Ukrainian ships at the Strait of Kerch.
Investors also focused on raising interest rates from the Fed. The minutes of a Federal Reserve meeting released on Thursday showed the central bank expected to raise interest rates but did not set a timetable. The record was announced a day after Federal Reserve Chairman Jerome Powell said the current level of rates was "slightly lower" than neutrality, which investors read as a sign that the pace of further rise might be slower.
US Dollar Trading
- The dollar index, which measures the strength of the dollar against a basket of six major currencies, rose 0.22% to 96.91
- The USD / JPY was up 0.04% at 113.53.
- The euro was down 0.12% against the dollar to trade at 1.1376 at 12:08 pm CET.
- Cable remained low, with GBP / USD dropping to 1.2752
- The NZD / USD pair is steady at 0.6858.
- While AUD / USD was down 0.27% at 0.7298.
Time frame Used - four hours The USDJPY is moving in a bullish direction in the near term. The USDJPY faced resistance and selling pressure nearly of the resistance level of 113.58 to retract to the support level 113.20 Then start to bounce back again. In view of the technical indicators Both the RSI and the Stochastic are indicating signs of recovery. Therefore, we expect that the USDJPY will test…
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