EURUSD – Up
EURUSD trading plan:
Federal Reserve emergency lending to banks in the wake of last month’s financial sector troubles remains high and increased modestly in the latest week, according to fresh data released by the Federal Reserve. The institution reported that borrowing via three programs aimed at supporting banks moved to $316.5 billion as of Wednesday, from $312 billion on April 12. While the overall sum remains very large and dramatically outstrips lending seen during the peak of the financial crisis, it has been easing over recent weeks after hitting a peak of $343.7 billion on March 22, in the wake of several high-profile bank failures. Since last summer the Fed has been working to shrink the size of its holdings as part of its broader tightening campaign, but its emergency lending efforts over recent weeks have set that effort back, even as it has continued to shed Treasury and mortgage bonds it owns.
Investment idea: buy 1.0940 and take profit 1.1011.
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