Tensions Over Debt Ceiling Rise

Tensions Over Debt Ceiling Rise

Happy Tuesday, dear traders! Let's check what news is moving the markets today!

  • JP Morgan believes there is a risk that politicians will not be able to agree in time to increase the US national debt. Avoiding a large sale of risky assets will be difficult in this case.
  • China's economy continues to show an unstable recovery. Economic data fell short of expectations. HK50 is down by 1.25% today 
  • Tesla applied for an expansion of its factory in Shanghai. Also, Tesla C-levels will visit India this week to meet government representatives. 
  • US Empire State Manufacturing Index plunged the most since April 2020 (-31.8 actual vs. -3.7 forecast). The US dollar index lost 0.27% yesterday.
  • Eurozone GDP meets the expectations (1.3% vs. 1.3% forecast).
  • The EU approved Microsoft's $69 billion acquisition of game developer Activision Blizzard.
  • The capitalization of Apple exceeded the capitalization of all companies included in the Russell 2000 index, 2.71 trillion.

EURUSD outlook


EURUSD is approaching the descending trendline and the 1.0910 resistance level. Traders should be prepared as the price reaction to this zone will decide the future pair's movement. 

If EURUSD breaks the trendline, it will increase toward 1.0950 and 1.1000. However, if the price bounces off, a downtrend will continue toward 1.0850 and 1.0790. 

Have a great trading session!



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