Sell on a level breakthrough of 108.72 with 108.00 target. Stop loss = 109.32.
Reason for the trading strategy
The US Federal Reserve meeting minutes for March did not support the world's reserve currency. The US Federal Reserve officials believe that the prospects of foreign economies growth have deteriorated in recent months. We believe the external risks (turbulence in the financial markets, the slowdown of the Chinese economy) and low inflation in the US will not allow the US regulators to raise its key interest rate in June 2016. If the data on the American companies' profits for Q1 2016 turn out lower than the market expectations, the decline in the world's reserve currency will continue.
Reason for the trading strategy
The US Federal Reserve meeting minutes for March did not support the world's reserve currency. The US Federal Reserve officials believe that the prospects of foreign economies growth have deteriorated in recent months. We believe the external risks (turbulence in the financial markets, the slowdown of the Chinese economy) and low inflation in the US will not allow the US regulators to raise its key interest rate in June 2016. If the data on the American companies' profits for Q1 2016 turn out lower than the market expectations, the decline in the world's reserve currency will continue.
USDJPY: consolidation after publication of the US Federal Reserve minutes
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