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The negative signal for the dollar

The negative signal for the dollar | 22 July 2021

22 July 2021, EUR/USD

The negative signal for the dollar

EURUSD trading plan:

The U.S. Treasury sold $24 billion of 20-year bonds to yield 1.89%, which was more than one full basis point higher than the yield at the bidding deadline and a bit weak. The bid cover at 2.33 to 1 was slightly less than average. The U.S. Treasury Department is likely to be unable to pay its bills and provide funding for certain benefit programs sometime in October or November unless Congress approves legislation extending the agency's statutory borrowing authority, the non-partisan Congressional Budget Office forecast. The federal government has shut down three times in the past decade over debt limit haggling in Congress. This is a negative signal for the dollar.

Investment idea: buy 1.1777 and take profit 1.1835.

David Johnson
Analyst of «FreshForex» company
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