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Oggetto Discussione: Unveil Reasons of USD Bounced up After Re Posta RispostaInserisci Nuova Discussione
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xysoom
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Registrato: 26 Mag 20
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Messaggi: 184
Postato: 28 Ott 20 alle 19:02 | IP Salvato Riporta xysoom

Unveil Reasons of USD Bounced up After Releasing Federal
Reserve Board Minute


The US Dollar Index bounced up by around 1% after
releasing the minute of Federal Reserve Board on 19 Aug,
breaking the record high since this March. The minute
shows that the board tends to adopt more dovish approach
in monetary policy. Yet, Why did the US Dollar Index make
such a big bounce-up, driving those non-US dollar or even
precious metal down?To get more news about
WikiFX, you can visit
wikifx official website.
  According to the minute of Federal Reserve Board,
some of the committee members of FOMC agreed to adopt the
further easing monetary policy to cope with the negative
impact bought by COVID-19; however, traders were
disappointed and started to have short covering of USD
immediately, driving USD rise a lot.
I believe traders have already predicted and short USD
ahead of releasing of minutes; and, they short cover the
USD afterwards. It perfectly demonstrates the famous Wall
Street‘s buying strategy – “Buy on rumor, sell on
fact”. Meantime, the minute also reflects that the
officers of the Board won’t set the upper limit or
target return for US bonds to secure the position of USD.
It drives those “extreme” dovish party disappointed and
shows Federal Reserve Board has no further measures on
easing monetary policy. Thats why some may interpret as
the start of hawk signal instead of dove.


23/637364845504222781/ART637364845504222781_264120.jpg-
wikifx_articlepic">

  I agree the Federal Reserve Board intends to adopt
more dovish approach to pave the way for adopting further
easing monetary policy in future. Since the minute keeps
on telling negative towards economy, it drove both DJ
index and Nasdaq index drop simultaneously after hitting
the record high. With the divergence works between USD
and stock; USD index, therefore, increases drastically
after releasing of minutes.
  Many has talked about the huge short covering of USD,
which showed the signal of bouncing up after touching the
bottom. Whilst some said this is merely a technical
adjustment and will have further drop afterwards. I do
think the probability of both scenarios are equal; yet I
realize USD dose not have much room for further drop,
expecting a strong supporting level around 91.90. Two
focusing events may affect the trend of USD - i/ the
economic platforms of democratic party proposed by US
president candidates Joe Biden and Kamala Devi Harris;
ii/ the announcement of Jackson Hole in the Central Bank
annual meeting and the market expectation - the new and
innovative strategy of easing monetary policy by Powell,
the chairman of Federal Reserve Board. If it turns
negative and has no new ideas, USD index will be expected
to boost up again.
  Technically, USD has a strong resistance level at
around 94, with 3 times strong selling signal recently,
making USD index hard to have another breakthrough. It is
estimated to be positive if USD index breaks the 94 level
and takes this as the USD reference point.
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qqqq1
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Postato: 29 Nov 20 alle 09:02 | IP Salvato Riporta qqqq1

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