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Equity markets got under pressure,as Monday’s rally quickly ended

On Tuesday, the situation in FOREX continued to develop not in favor of the US currency in the first part of the session but the second part of the day brought USD dollar reversal. Despite local growth attempts on Monday, today the US dollar continued to recede, pressure on the dollar intensified after the US dollar index broke through the support of 96.60 points. Now it is a zone of strong resistance. However shortly before the start of US main trading session, dollar index is trading around 96.50 levels, rebounding from daily lows. Interestingly enough, concerns about the US-China agreements provide some support for the dollar.

Yesterday, following Monday, US stock indices added 1.1-1.5%. However, today optimism has been replaced by uncertainty, as equity markets have come under pressure, Europe is losing an average of half a percent, US indices have also opened in the red. The markets seem to have suddenly realized the inadequacy of current information regarding the agreements between China and the United States.  Restrained sentiment returned to the market after Monday speech by economic adviser to the President Trump on agreements with China. The adviser said that commitments had been achieved that would not necessarily become a trade deal, but which the parties would consider and work on. Markets considered these cautious comments as a cause for concern and the insecurity of the Trump administration in reaching any real agreements.

Recovery of the oil market continues. Brent crude returned to $ 63 per barrel. The market is awaiting the meeting of OPEC + countries, which will be held on December 7 in Vienna, where a new agreement on reducing oil production can be reached.The gold market is close to the highs of October and continues to look bullish.

 Today, the overall market situation is unlikely to undergo major changes, since no major events in the EU and US economic calendar are planned. The second part of the session will likely take place fairly quietly with the continuation of a somewhat higher volatility.

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