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The inverse correlation between oil and the dollar

The inverse correlation between oil and the dollar | 07 September 2021

07 September 2021, USD/JPY

USDJPY trading plan:

More than 80% of oil production in the Gulf of Mexico remains shut in after Hurricane Ida, a U.S. regulator said on Monday, more than a week after the storm made landfall and hit critical infrastructure in the region. Energy companies have been struggling to resume production after Ida damaged platforms and caused onshore power outages. About 1.5 million barrels per day of oil production, or 84%, remains shut, while another 1.8 billion cubic feet per day of natural gas output, or 81%, was offline, the Bureau of Safety and Environmental Enforcement said. This is a positive signal for oil and a negative signal for the dollar, since assets have an inverse correlation.

Investment idea: sell 110.20 and take profit 109.80.

David Johnson
Analyst of «FreshForex» company
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