20 November 2023, EUR/USD
EURUSD trading plan:
Italy is no longer in danger of a cut to junk at Moody’s Investors Service, which raised its rating outlook to stable in a huge win for Prime Minister Giorgia Meloni. The country’s assessment was kept at Baa3, the lowest investment grade, but the company removed the threat of a downgrade after more than 15 months with a negative view instituted just before the populist premier won power. The change in outlook removes a sword of Damocles that has constantly overshadowed Meloni and her one-year-old coalition. It offers the premier a pay-off for her gamble in September to deliver on promises to voters with a loosened fiscal stance despite an intensified focus on the public finances by Moody’s. This is a positive signal for the European currency.
Investment idea: buy 1.0892 and take profit 1.0940.
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