Summary

<p>The Fed launched another liquidity injection program last week. The Fed's balance sheet has so far exceeded $ 6 trillion, and continues to grow. This is the main reason for the recovery in the stock markets and risky asset markets. We can say that these are not assets that are growing, but the dollar is falling. He rents the entire spectrum of FOREX. The dollar index last week retreated from 101 and remains under pressure this week, however, the observed trends have not yet drawn to a "steady weakening". </p>
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<p>EUR / USD remains near the lows of last fall, slightly above 1.09, while the technical picture remains unclear both in the medium and long term. Given that the Fed and the ECB are competing in rising balances, it is fundamentally unclear as well. We believe that in this pair only short-term tactical trading is now possible. </p>
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