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Good and bad news | 12 October 2021

12 October 2021, EUR/USD

EURUSD trading plan:

Chinese property firms’ bonds were hit with another wrecking ball as Evergrande looked set to miss its third round of bond payments in as many weeks and rivals Modern Land and Sinic became the latest scrambling to delay deadlines. High-yield Chinese bond markets were routed once again as fears about fast-spreading contagion in the $5 trillion sector, which drives a sizable chunk of the Chinese economy, continued to savage sentiment. This is a negative signal for European banks and the European currency. A bullish rally in the oil market will have a negative impact on the value of the US currency, since assets have an inverse correlation. U.S. oil prices rose for a fifth day to their highest since 2014 amid global concerns about energy supply on signs of tightness in crude, natural gas and coal markets.

Investment idea: range 1.1525 -1.1610.

David Johnson
Analyst of «FreshForex» company
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