Biden's stimulus is unveiled

Biden's stimulus is unveiled

Latest news

  • “Help is here,” Biden tweeted as the House passed the much-awaited $1.9 trillion COVID-19 relief bill, one of the largest stimulus packages in US history.
  • US Core Consumer Price Index came out worse than expected and calmed down the markets about the US economy overheating and eased inflation fears. 
  • The Dow Jones surged to a record high of 32,420. 
  • Investors are still cautious about high-priced growth stocks (Amazon, Netflix, Facebook), which dropped on rising yields. Whereas, cyclical stocks such as airlines, hotels, automakers, and banks (General Motors, Booking, JPMorgan) keep rising on optimism over the global recovery. 
  • Crude Oil Inventories fell short of analysts’ expectations. 13.8M barrels were held in inventories in the last week, while the forecast was 3.0M. However, oil prices are rising due to the US stimulus package. 

Technical analysis

EUR/USD has approached the key level of 1.1.1950, which was acting as resistance in 2020 and as support in 2021. Thus, it’s likely to bounce off 1.1950 rather than break out. Support levels are at the 200-day moving average of 1.1815 and 1.1775. 


GBP/USD has gotten closer to the resistance at the high of March 3 at 1.3950. If it manages to break it, the way up to the next round number of 1.4000 will be open. Support levels are at Monday’s low of 1.3800 and 1.3750. 


Gold is climbing. If it manages to break through the high of March 2 at $1740, doors will be open to the 100-period moving average of $1750. Support levels are the intraday low of $1725 and the 50-period MA of $1715. 


Follow ECB meeting at 14:45 MT time and ECB press conference at 15:30 MT time! 



What to Trade on August 22–26?
What to Trade on August 22–26?

How Energy Crisis Affects German PMI August 23, 2022, 10:30 GMT+3­­ Germany will publish Flash Manufacturing PMI data on Tuesday, August 23, at 10:30 MT time (GMT+3)…

Latest news

FED and BOE Make Another Attempt to Beat Inflation
FED and BOE Make Another Attempt to Beat Inflation

The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.

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