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U.S. dollar liquidity swap line

U.S. dollar liquidity swap line | 17 December 2020

17 December 2020, USD/JPY

U.S. dollar liquidity swap line

USDJPY trading plan:

The Federal Reserve announced the extension of its temporary U.S. dollar liquidity swap lines and the temporary repurchase agreement facility for foreign and international monetary authorities through September 30, 2021. These facilities were temporarily established in March 2020 to ease strains in global dollar funding markets resulting from the COVID-19 shock and mitigate the effect of such strains on the supply of credit to households and businesses, both domestically and abroad. Extensions to both facilities through March 2021 were announced on July 29, 2020. A further extension of these facilities will help sustain recent improvements in global U.S. dollar funding markets by serving as an important liquidity backstop. This is a negative signal for the dollar.

Investment idea: Sell 103.50 and take profit 103.16.

David Johnson
Analyst of «FreshForex» company
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