Fundamental analytics

American currency is heavier as Wall-Street starts the day

On Friday, US equity market opened in the red. In addition to the main strategic events of this week related to the trade confrontation between China and the United States, as well as the event around the Turkish lira, this week the platinum and oil markets were in market spotlight. Prices for platinum fell to 10-year lows, as the collapse of the lira in Turkey had an impact on the currencies of developing countries, including the currency of the main producer of South Africa, not to mention the massive strengthening of the US dollar in which the platinum is traded.

On Wednesday, the platinum market moved to a sharp sellout amid strong pressure on entire metal markets - investors rush to the safety of the dollar, pushing it to growth and making dollar prices more expensive for buyers using other currencies.

Once much more expensive than gold , platinum fell 25 percent from January highs to below $ 780 an ounce. This week, the market reached its lowest level since October 2008 and a new record low against gold.

Oil prices continued to gain on Friday, as Brent pushed off $ 70 on Thursday. Despite this growth, the current five-day period will be another weekly decline. The main obstacle to price growth was the slowdown in economic growth amidst trade strains between the United States and China and the weakening currencies of emerging markets that affect growth and fuel consumption.

In the FOREX currency market, the weakening of the US dollar intensified at the start of Wall-Street session. USD dollar index sank to the 96.15 zone and remains vulnerable to further decline. EUR / USD is trading near the first local resistance 1.1415, and not being able to move higher. Despite this, if the weekly candle closes on these marks, we will receive a positive signal.

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