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The Dollar Beat Down Party

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The Dollar Beat Down Party

Introduction

This article was posted on Thursday, 11:57, UTC.

Hi Everybody,

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Earlier this week, we commented on a controversial situation that is currently playing out in Poland. Indeed, since eToro has opened our platform in Polish this has become a region of interest. Thanks to several comments on hacked.com, I have been enticed to revisit the matter.

Today, the Economist reports that the European Commission is planning to pursue legal action against Poland, seemingly regardless of the fact that the bills in question were never passed.

Indeed, the issue is a bit more complicated than the EC, the USA, and the Economist makes it seem. In fact, the overhaul of the Polish Judicial System actually represents a very positive step towards cleaning out a system that has been quite corrupt for far too long.

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Is this the correct way to do it?

Well, we’ll need to let the Polish people decide that. From my part, I’m very glad to see the people excited about cleaning up the system and hope that they end up providing a good example for all of Eastern Europe.

@MatiGreenspan
eToro, Senior Market Analyst

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Today’s Highlights

Draghi Yellen or Trump

Breakouts in Euro and Pound

Cryptos Affected?

Please note: All data, figures & graphs are valid as of July 27th. All trading carries risk. Only risk capital you can afford to lose.

Market Overview

Poor Super Mario. The President of the European Central Bank just can’t seem to catch a break. The more he tries to cool down the Euro the more it zooms for the sky.

Many thanks to Aleksandra for her clever comments on Central Bank actions lately and for the steady returns in her account so far. At this point, I’m not sure which is more enjoyable. 🙂

However, even though @RainbirdFx is short on the EURUSD along with 74% of other eTorians who are currently trading the pair, I just wanted to point out that we’ve just seen a breakout.

Thanks to Draghi and Yellen, and probably President Trump, the Euro is now at the highest level against the buck since January 11th, 2015.

Though the Euro may be the most notable it’s not the only one gaining. Even the British Pound is joining in the Dollar Beat Down Party with a breakout of its very own.

Now that the psychological resistance of 1.30 (yellow line) is well behind us, we’re able to see a nice solid rising support line (green) for the first time since the referendum.

Cryptos Affected?

Just like almost every other asset on the planet, cryptocurrencies are frequently priced in Dollars.

For the moment, the Crypto industry stands at a value of about $90 Billion.

The question is, how much of this recovery, from July 16th (reds circle in the charts above and below) until today, was due to the Dollar falling?

I want to take this opportunity to express my extreme gratitude to all clients, colleagues, and people of the Internet who have been providing constructive and positive feedback on these daily updates as well as the videos we’ve been doing lately. Your participation is not only appreciated, it is essential.

Have a spectacular day ahead!

This content is provided for information and educational purposes only and should not be considered to be investment advice or recommendation.

The outlook presented is a personal opinion of the analyst and does not represent an official position of eToro.

Past performance is not an indication of future results. All trading involves risk; only risk capital you are prepared to lose.

Featured image from Shutterstock.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

Mati Greenspan

Mati Greenspan

https://www.etoro.com/

Senior Market Analyst at Etoro.com.

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Dmitriy Lavrov
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Dmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years of trading experience. He covers Forex, Commodities and Cryptocurrencies. He is among the top 10 most Read More
Jonas Borchgrevink
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Jonas Borchgrevink is the founder of Hacked.com and CryptoCoinsNews.com. He is a serial entrepreneur, trader and investor. He shares his own personal journey on Hacked.com. // -- Discuss and ask Read More
P.H. Madore
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P. H. Madore lives in Arkansas with his wife and children. He has covered the cryptocurrency beat over the course of hundreds of articles for Hacked’s sister site, CryptoCoinsNews, as Read More
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Justin O’Connell
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Justin O’Connell is a cryptocurrency journalist who works have appeared in the U.S.’s third largest weekly, the San Diego Reader & VICE. // -- Discuss and ask questions in our community Read More
Mati Greenspan
Analyst
Senior Market Analyst at Etoro.com. // -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- // Important: Never invest Read More
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Joseph Young
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Joseph Young is a finance and tech journalist & analyst based in Hong Kong. He has worked with leading media and news agencies in the technology and finance industries, offering Read More
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