09 August 2023, EUR/USD
EURUSD trading plan:
The U.S. trade deficit narrowed sharply in June as businesses cut back on purchases of foreign-made capital goods, resulting in imports falling to the lowest level in more than 1-1/2 years. The trade deficit contracted 4.1% to $65.5 billion. Data for May was revised to show the trade gap narrowing to $68.3 billion instead of $69.0 billion as previously reported. The decline in imports reported by the Commerce Department potentially signals a slowdown in business investment and overall domestic demand amid hefty interest rate hikes from the Federal Reserve. Imports are falling as businesses carefully manage inventory in anticipation of softer demand. That was underscored by other data showing a bigger decline in wholesale inventories in June than initially estimated.
Investment idea: sell 1.1003 and take profit 1.0944.
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