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Four bullish drivers for USD


9 September 2020

Today we will discuss the general strengthening of the US dollar, which is already quite difficult to call a correction, because the US dollar index has strengthened by almost 2% from the previously reached lows. In addition, there are more and more signs indicating a global shift in sentiment in financial markets. Moreover, there are many reasons for the strengthening of the American currency, and we will talk about them today.

Moving to the American trading session, I would like to note the forthcoming announcement of the voting results on the main interest rate of the Bank of Canada. Since the probability of its change is very low, all the attention of market participants will be focused on the accompanying statement. But CAD traders also need to consider the change in oil prices.

Over the past five trading days, the price of “black gold” has been declining and there are a number of reasons for this. Firstly, OPEC is increasing its oil production, while global demand remains very low. Secondly, Saudi Arabia continues to cut prices for exported oil to Asian countries. As a result, we are witnessing a general weakening of the CAD amid the collapse of oil prices by more than 15%.

#source

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