The U.S. Dollar has shown another rally. The rally took place amid expectations of interest rate hikes by the Fed. It should be noted that the Fed’s intension to raise the rates contradicts the plans implemented by the ECB and other major banks, which are currently focused on quantitative easing and and promoting inflation growth.
At the same time, it should be noted that the latest economic data coming from the USA indicated weakness seen during the latest reporting period. In particular, the recent Manufacturing PMI report published by Markit Economics shows that the index plunged from 54.1 rating points down to 52.6 rating points in November. Experts had expected 53.9 points.
FOREX
Meanwhile, Masterforex-V Academy reports that the U.S. Dollar is rallying within the scope of a long-term trend versus other majors. The price has come close to a major level of resistance – MF pivot 100,25. On breaking and consolidating above the level, the price will get a chance to test the 100,78 high. At the same time, the closest levels of support are represented by pivot 93,85 as well as the bottom of the ascending MF sloping channel.
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