22 Octubre 2020, EUR/USD
EURUSD trading plan:
The downward trend in dollar interest rates continues in the London interbank lending market. The three-month Libor rate, which is the benchmark for the interbank market, has renewed its historic low and now stands at 0.21%. The surplus of dollar liquidity in the interbank market remains, and this process will contribute to the further growth of Euro. US Treasury will place $ 165 billion in Treasury bonds and redeem $ 172 billion in bonds. Thus, the “net redemption” will amount to $ 7 billion, which will have a negative impact on dollar, as additional liquidity from the Treasury will increase the dollar amount in the banking system.
Trading recommendation: Buy 1.1835 and take profit 1.1878.
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