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Correlation between the European currency and oil

Correlation between the European currency and oil | 19 July 2022

19 July 2022, EUR/USD

Correlation between the European currency and oil

EURUSD trading plan:

Oil prices rose more than $4 on the beginning of the week, boosted by dollar weakness and expectations that the U.S. Federal Reserve won't raise interest rates by a full percentage point at its next meeting to combat inflation. Two U.S. Federal Reserve officials indicated the central bank would likely only raise interest rates by 75 basis points at its July 26-27 meeting. Previous reports that the Fed was considering a 100-basis point decision sent markets lower late last week. The U.S. dollar retreated from multi-year highs, supporting commodities prices. A weaker dollar makes dollar-denominated commodities more affordable for holders of other currencies. This is a positive signal for the European currency as assets correlate with each other.

Investment idea: buy 1.0200 and take profit 1.0260.

David Johnson
Analyst of «FreshForex» company
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