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Inverse correlation between the dollar and oil

Inverse correlation between the dollar and oil | 05 October 2021

05 October 2021, GBP/USD

Inverse correlation between the dollar and oil

GBPUSD trading plan:

A bullish rally in the oil market will have a negative impact on the value of the US currency, since assets have an inverse correlation. Oil jumped to a three-year peak after OPEC+ confirmed it would stick to its current output policy as demand for petroleum products rebounds, despite pressure from some countries for a bigger boost to production. OPEC+ agreed in July to boost output by 400,000 barrels per day each month until at least April 2022 to phase out 5.8 million bpd of existing production cuts. Demand for coal and natural gas has exceeded pre-COVID-19 highs with oil closely trailing, according to the International Energy Agency. Three-quarters of global energy demand is still met by fossil fuels, with less than a fifth by non-nuclear renewable.

Investment idea: buy 1.3601 and take profit 1.3658.

David Johnson
Analyst of «FreshForex» company
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