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A positive signal for the dollar

A positive signal for the dollar | 18 August 2023

18 August 2023, EUR/USD

A positive signal for the dollar

EURUSD trading plan:

A gauge of future U.S. economic activity dropped for the 16th straight month in July, though the pace of decline slowed from earlier in the year, a fresh survey showed. The Conference Board said its Leading Economic Index fell 0.4% last month after declining 0.7% in June. "The leading index continues to suggest that economic activity is likely to decelerate and descend into mild contraction in the months ahead," said Justyna Zabinska-La Monica, Senior Manager, Business Cycle Indicators, at The Conference Board. "The Conference Board now forecasts a short and shallow recession in the Q4 2023 to Q1 2024 timespan.” The dollar sees increased demand from traders at the start of a recession.

Investment idea: sell 1.0890 and take profit 1.0833.

David Johnson
Analyst of «FreshForex» company
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