EURUSD – Up
EURUSD trading plan:
China’s economy grew at a faster-than-expected clip in the first quarter, official data showed, expanding 4.5% year-on-year, as policymakers move to bolster growth following the end of strict COVID-19 curbs in December. Consumption data is strong, showing demand is picking up, and the gap between supply and demand is narrowing. Riding on this trend, we expect GDP in the second quarter to reach around 7%, and it won’t be a big problem for China to achieve its growth target for the year. Strong Retail sales trend would continue in the second quarter due to low base effect last year when China was still under COVID-19 restrictions, so consumption led growth in first half especially growth in services would sustain. A positive signal for the European economy.
Investment idea: buy 1.0950 and take profit 1.1020.
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