Dollar’s exchange rate on Forex established a new multi-month maximum against 6 currencies in the region of 82.93

On the 2nd of September, the dollar's index continued to grow a basket of six currencies, setting at the beginning of the European session, the highest point since July last year in the area of 82.93. On the currency market from last weekend in the USA went few changes. The main changes are observed in the stock market of Japan and in the pair dollar / yen.

The analysts of the Forex Broker Company "XM" main events of the day, which may have an impact on the dynamics of the movement of the dollar.

The main focus of investors is aimed at meeting of the European Central Bank

Today, on the 2nd of September there was a significant movement at the Asian session. Japanese stock index Nikkei was able to gain a foothold at 1.78%, which contributed to the weakening of the Japanese yen increase in the dollar against the yen by 0.48%. Growth of the stock market in Japan is likely to occur on the expectations of investors reshuffle in the Cabinet of Ministers, which can lead to a huge portfolio diversification of the state pension fund of the country.

European markets are likely to consolidate. "Composed" European trading contributes the ongoing conflict in eastern Ukraine. Another limiting factor for volatile movements of euro may be the beginning of meeting of the European Central Bank (ECB) tomorrow, on the 3rd of September. Some investors expect the possibility of further stimulating the European economy by the Central Bank, which may be announced after the meeting of the bank on Thursday, on the 4th of September. Meanwhile, investors continue to increase their short positions in the euro before the ECB meeting.

Today, the focus of market participants will be directed to the actual data of price index of producers in euro zone and the index of manufacturing activity from the Institute for Supply Management in the United States.

Prospects for the dollar’s index on Forex

Experts of the best learning project on Forex 2009-2013 of the Masterforex-V World Academy http://www.masterforex-v.com are carefully monitoring the dynamics of the movement in the dollar’s index to determine the priority of the dollar on Forex.

At the beginning of the European session, an effort was seen on the part of buyers and growth of quotations of the dollar to a new multi-month maximum at 82.93 area. However, while this motion was not supported and there is a downward correction. On moving down the volumes are going down, which may suggest traders to the weakness of the sellers.

When the "right" location of moving averages on the chart is done, it is more likely to continue the upward trend in the dollar. Target levels of growth may make resistance levels near 82.93, 83.04 and 83.14.

Correction or depreciation of the dollar may continue in the area of 82.67 and 82.59 after overcoming a range of support 82.74.
The upward movement and possible continuation of increase in the dollar’s index is shown with orange arrows, and correction of the upward movement is marked by a green arrow.