16 August 2022, EUR/USD
EURUSD trading plan:
U.S. single-family homebuilders' confidence and New York state factory activity fell in August to their lowest levels since near the start of the COVID pandemic, a further sign the economy is softening as the Federal Reserve raises interest rates. According to the NAHB, rising construction costs and high mortgage rates weighed on sentiment. The Fed's increasingly aggressive fight to quash high inflation by lifting borrowing costs has already begun to be felt in the housing sector, which is highly sensitive to interest rates. Manufacturers reported a sharp decline in orders and shipments. The survey's new orders index tumbled 36 points to a reading of -29.6 while the shipments index plummeted 49.4 points to -24.1.
Investment idea: buy 1.0113 and take profit 1.0167.
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