13 May 2021, GBP/USD
GBPUSD trading plan:
The eurodollar futures market, which tracks short-term U.S. interest rate expectations over the next few years, is betting on a roughly 80% chance of a rate increase from the Federal Reserve by December 2022, after the release of stronger-than-expected inflation data. Meanwhile, eurodollar futures contracts between March to June 2023 showed a 100% chance of a 25 basis-point hike by the Federal Reserve. Specifically, the market is fully pricing in a hike by April 2023. The market sees a total of three hikes by December 2023. This is a positive signal for the dollar! The Treasury Department said that the deficit for the first seven months of fiscal 2021 still hit a new record of $1.932 trillion, a 30% increase from the same period of fiscal 2020. This is a negative signal for the dollar!
Investment idea: range 1.4025 -1.4105.
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