REPO auctions are recognized as not held | 23 Juli 2020

23 Juli 2020, GBP/USD

REPO auctions are recognized as not held

GBPUSD trading plan:

There is a negative situation for the American currency in the interbank lending market in London. The three-month Libor rate, which is the benchmark for the European market, updated the four-year low. US bankers no longer apply to the Federal Reserve for short-term refinancing. The last 12 days, REPO auctions are recognized as not held due to the lack of bids - this is the maximum period this year. It is negative for the dollar, because it signals an excess of dollar liquidity in the banking system.

Trading recommendation: Buy 1.2720 and take profit 1.2759.

David Johnson
Analyst of «FreshForex» company
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