EURUSD – Up
EURUSD trading plan:
Germany’s outlook has „dramatically worsened“ and the economy could stagnate or contract in the second half of the year, an economy ministry report said. A rising number of companies are going insolvent but there is no „insolvency wave“ as such, the report said, adding that Germany’s labour market has defied global uncertainties for the time being and demand remains high. This is a negative signal for the European currency. Germany’s finance ministry wants to use credit authorisations already created for a pandemic relief fund to help energy companies through the state development bank KfW. The idea is to strengthen KfW’s ability to provide guarantees and liquidity assistance, and would involve credit authorisations of about 67 billion euros. This is a positive signal for the European currency.
Investment idea: range 1.0110 -1.0200.
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