Inverse correlation between the dollar and oil | 16 Juni 2021

16 Juni 2021, EUR/USD

Inverse correlation between the dollar and oil

EURUSD trading plan:

The bullish rally in the oil market will have a negative impact on the value of the dollar, as assets are inversely correlated. Everyone is turning overly bullish with crude prices. The crude demand outlook is very robust as recoveries across the US, Europe and Asia, will have demand return to pre-COVID levels in the one half of next year. U.S. oil inventories dropped by 8.5 million barrels in the week ended June 11, according to two market sources, citing American Petroleum Institute. Executives from major oil traders said on Tuesday they expected prices to remain above $70 a barrel and demand to return to pre-pandemic levels in the second half of 2022.

Investment idea: buy 1.2109 and take profit 1.2161.

David Johnson
Analyst of «FreshForex» company
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