08 September 2020, EUR/USD
EURUSD trading plan:
German exports remained far below their pre-crisis levels in July despite a 4.7% increase during the month, adding to signs that Germany's economic recovery from the COVID-19 will be slow. Yet weak demand from major economic peers such as the United States still grappling with the pandemic is holding back a stronger recovery. This is a negative signal for the Euro. The US Treasury has updated on its website the schedule of placements and redemptions of Treasury bonds. Today, the financial authorities will raise $ 120 billion from the market through a bond issue and will redeem $ 149.99 billion of bonds. Thus, the “net redemption” will amount to $ 29.99 billion, which is the highest level since July 28. This is a negative signal for the U.S. dollar.
Trading recommendation: range 1.1770 -1.1850
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