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The inverse correlation between the dollar and oil

The inverse correlation between the dollar and oil | 16 September 2021

16 September 2021, USD/JPY

The inverse correlation between the dollar and oil

USDJPY trading plan:

The bullish rally in the oil market will have a negative impact on the value of the dollar, since assets are correlated with each other. About 30% of the U.S. Gulf of Mexico’s crude production and 39% of natural gas output were shut, while 36 platforms remained evacuated, the offshore regulator said, giving a new signal on how slow recovery from Ida has been, which made landfall more than two weeks ago. The storm has removed 25.5 million barrels of oil and 31 billion cubic feet of natural gas from the market. About 537,000 barrels per day of crude production and 879 million cubic feet per day of gas remain offline.

Investment idea: sell 109.60 and take profit 109.15.

David Johnson
Analyst of «FreshForex» company
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