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29.07.2020: Can Jerome Powell support USD?(USDХ, DJIA, WTI, USD/CAD)

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Wall Street is trading with cautious optimism. The US dollar is extending weakness across the board. Today investors are riveted to policy decisions from the US Fed and a press conference of Jerome Powell who can stand for the US currency. Such outcome could encourage a retracement of the US dollar.
Comments of the US monetary authorities are sure to take center stage today. Amid the doldrums in the US economy, Fed’s policymakers could advocate revision of inflation target levels. They are also expected to clear up their view on further economic stimulus alongside the US Senate.
The US dollar has been trading firmly lower. It sank to the lowest levels over two years. Experts do not see any reasons for its recovery. So, investors have nothing to do but carry on with short positions on the US dollar. At the same time, analysts do not rule out that the US dollar index might enter the positive territory. As soon as the index breaks 94 points, the time will be right to consider long deals.
The US authorities are not successful in containing rampant coronavirus rates. This dampens hopes for the rapid recovery and casts a shadow over the power of the top global economy. Nevertheless, the US stock market opened with gains. Investors put the headwinds on the back burner and pin hopes for the dovish stance of the Federal Reserve. The Dow Jones rose 0.12% to trade at 26,328. Futures on the S&P 500 were 0.24% up at 3,220.38.
The USD/CAD pair is still trading at near the lower border of the downward channel with minor upward moves. Nevertheless, it is too early to speak about a correctional climb. The US dollar is likely to lose ground further against its Canadian rival. So, the currency pair is on the track to new lows. If the level of 1.3310 is tested, this will confirm a further bearish trend.
The loonie finds solid support from rising oil prices. Traders are reacting to upbeat data from the American Petroleum Institute. The official data on US oil inventories is due later today.
The overall background for crude oil is negative. Any deviation from the forecast of US crude stocks could drag down oil prices.

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