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Global banks borrowed only token amounts

Global banks borrowed only token amounts | 21 March 2023

21 March 2023, GBP/USD

Global banks borrowed only token amounts

GBPUSD trading plan:

Global banks borrowed only token amounts on Monday via an enhanced, seven-day dollar swap unveiled by the U.S. Federal Reserve. Faced with the risk of a fast-moving loss of confidence in the stability of the financial system, the Fed said it would offer daily currency swaps to ensure banks in Canada, Britain, Japan, Switzerland and the euro zone would have the dollars needed to operate. Two banks in Switzerland borrowed $101 million on Monday while in the euro zone, a single bank borrowed $5 million. In Japan and Britain, the take-up was zero. This is a negative signal for the dollar.

Investment idea: buy 1.2219 and take profit 1.2300.

David Johnson
Analyst of «FreshForex» company
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