New records in emerging markets | 27 May 2021
27 May 2021, EUR/USD
EURUSD trading plan:
MSCI's emerging market currency index pushed to a fresh record high, as Fed officials reiterated they will not change monetary policy any time soon. The developing markets currency benchmark scaled 1746.51, rising above peaks reached earlier this month. The index is dominated by Asian currencies such as China's yuan, which rose to a near three-year high, as the central bank guided the currency higher. This is a positive signal for the European currency, as the assets are correlated with each other.
Investment idea: buy 1.2188 and take profit 1.2270.
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