13 Mei 2020, EUR/USD
EURUSD trading plan:
We are expecting an uptrend to develop. The New York Fed announcing that it’s Secondary Market Corporate Credit Facility will begin buying eligible ETFs invested in corporate debt. It will be the first Fed program using the $454 billion in total equity funding from the federal stimulus law to actually get off the ground. These $454 billion corporate credit facilities are new terrain for the central bank, as opposed to purchases of U.S. Treasuries and agency mortgage-backed securities that are old hat from the last downturn. To get the program started in less than two months, while juggling several others, is impressive. An increase in the M2 money stock will have a negative impact on the value of the dollar.
Trading recommendation: Buy 1.0835 and take profit 1.0889.
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