EURUSD – Up
EURUSD trading plan:
After dealing with a largely friendly Congress over the past two years, Federal Reserve Chair Jerome Powell faces rising tensions over his policies as Democrats warn about job losses while Republicans continue to press on the importance of stable prices. During their control of Congress in the past two years, Democrats have offered mostly what analysts said was unusually light questioning of the Fed’s policy blunder: misjudging the persistence of inflation and waiting too long to attack it. That gave prices a ramp to run up at the fastest pace in 40 years. However, the economic fallout from its aggressive rate hikes aimed at fighting the inflation surge that Republicans frequently cited in their campaigns and blamed on Democrats has begun to draw sharper criticism from some corners of the Democratic party. California Representative Maxine Water, the House panel’s outgoing chair, sent Powell a letter this month after the Fed’s fourth consecutive 75 basis-point increase, saying “enough is enough,” and warning that an over-correction on rates could tip the economy into a recession.
Investment idea: buy 1.0329 and take profit 1.0410.
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