13 June 2023, EUR/USD
EURUSD trading plan:
This week there is a lot of focus on the glut of Treasury issuance coming to market now that the debt ceiling drama is behind us. As part of the deal, the Treasury Department has unfettered borrowing capacity until January 2025. And borrow it plans to do. After draining its primary general account to keep paying its obligations, the Treasury is expected to issue at least $1.1 trillion in net new Treasury bills over the next few quarters to replenish its account as well as fund normal government operations. So, with that much issuance expected over a relatively short time horizon, the questions really become what impact will that have on T-bill prices and what impact will that have on general market liquidity? Bank reserves represent the minimum amount of deposits a bank must have on hand. And when bank reserves fall below a certain threshold, bank lending is impaired.
Investment idea: range 1.0745 -1.0848
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