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The strong US bank earnings reports

The strong US bank earnings reports | 15 October 2021

15 October 2021, USD/JPY

USDJPY trading plan:

The strong US bank earnings reports fired up investors’ risk appetites, while the benchmark Treasury yields both paused their recent ascent to pull back from multi-month highs. The four largest U.S. consumer banks posted another strong quarter as the rebounding economy allowed them to release more cash they had set aside for pandemic losses, while sizzling deals, equity financing and trading also boosted their bottom lines. JPMorgan Chase, Citigroup, Well Fargo and Bank of America Corp, seen by investors and economists as bellwethers of the broader economy, reported a combined profit of $28.7 billion for the third quarter, beating trader’s estimates. This is a good signal for the stock market and USDJPY, which has a correlation with the shares.

Investment idea: buy 113.75 and take profit 114.25.

David Johnson
Analyst of «FreshForex» company
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