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The inverse correlation of the dollar and oil

The inverse correlation of the dollar and oil | 27 October 2021

27 October 2021, EUR/USD

EURUSD trading plan:

The bullish rally in the oil market is negative for the dollar, since assets have an inverse correlation. Oil prices edged up to their highest since 2014, supported by a global supply shortage and strong demand in the United States, the world’s biggest consumer. The supply lags demand and OPEC+ stays on the sidelines. OPEC+, comprising of the Organization of the Petroleum Exporting Countries and allies like Russia, is currently raising production by 400,000 barrels per day each month, but has pushed back against calls to boost output faster in response to the surge in prices. Larry Fink, chief executive of the world’s largest asset manager BlackRock, said there was a high probability of oil reaching $100.

Investment idea: buy 1.1571 and take profit 1.1640.

David Johnson
Analyst of «FreshForex» company
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