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sell. Euro and pound set new growth targets



DATE OF PUBLICATION: 2021-02-23 16:47:26 The corrective recovery of the dollar turned out to be short-lived, the abundant increase in the money supply returned to the focus of traders. On Tuesday, the dollar retreats, sellers at the moment pushed the American currency index below 90 points. This happened for the first time since January 13. The downward movement is supported by the favorable environment for the growth of demand for risk. This is supported by good fundamental data for the US. Last week there was a jump in retail sales. However, now the market continues to receive news that the initially proposed size of fiscal stimulus remains unchanged. The rise in the independent momentum of the US economy, coupled with incentives from government spending, may provoke a stronger search for profitability and inflation expectations. This combination of facts will negatively affect the US currency. Further decline is favored by both the fundamental and the technical picture. A fixation below the 90-point mark will indicate a prolonged downtrend in the dollar. Analysts are confident in the dollar’s decline and recommend selling it. This week, attention is focused on Jerome Powell’s speech in the US Congress. The monetary policy report will also be published, which comes out every six months. Market players are hoping that he will clarify exactly what the Fed means by the new concept of inflation targeting. It is important to understand what dynamics of inflation will prompt the regulator to tighten monetary policy. Of course, changes in rates are a distant prospect, but long-term investment instruments may react to new information. This will constitute the reaction of the markets. Today’s speech of the head of the Federal Republic of Germany may contain signals on which path the American Central Bank will take next: will it support the dollar or low rates and markets. That could be one of the main triggers for the whole of 2021, with the Australian and New Zealand dollars hitting 3-year highs against the dollar on Monday. The pound continued to rally above 1.40 as British Prime Minister Boris Johnson unveiled the government’s plan to end the quarantine, and GBP / USD is expected to continue to rally closer to 1.41. Its breakdown is not excluded. If buyers succeed in performing this manipulation, the next target may be the level of 1.43. The expected trading range for Tuesday is between 1.40 and 1.417, and the European currency was also heading for highs yesterday, supported by optimism in the German economy. Traders bought euros after receiving further confirmation of a marked recovery in business sentiment in Germany. Today the EUR / USD pair is trading slightly below yesterday’s high at 1.217, getting rid of overbought conditions. Considering that the euro remains stable above the level of 1.206, analysts recommend continuing to adhere to the “bullish scenario”. After the breakdown of 1.2173, growth may resume with a target of 1.23. Material provided by InstaForex – www.instaforex.com Source – InstaForex

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