Trump screws Biden over before leaving

Trump screws Biden over before leaving

The US dollar has been dipping for the seventh day in a row, while the euro and the pound edged higher.


  • Treasury Secretary Steven Mnuchin decided to end emergency pandemic lending programs at the Federal Reserve. Mnuchin asked the Fed to return unused funds till the end of the year. The dispute between the Treasury and the Fed is a quite rare deal. If the current emergency programs are removed, it will leave the economy in a fragile state for Biden’s board.
  • US unemployment claims rose more than expected: 742 000 people filed for jobless benefits last week, while the forecast was 707 000.
  • The EU and the UK may reach the Brexit deal next week, according to unofficial data. However, the real deadline may expand till December 31. That’s why the deal can be done any day. This uncertainty makes the pound more vulnerable to any news about Brexit.
  • UK’s data is encouraging: retails sales, as well as public sector net borrowing, exceeded expectations.
  • Japan’s Manufacturing PMI came out worse than the estimates, adding modest pressure on the yen.
  • All eyes on Canadian retail sales at 15:30 MT time!
Watch the daily plan!

Technical tips


EUR/USD has approached the resistance of 1.1890, which it has failed to cross several times. Therefore, we can expect the pullback from it, but it shouldn’t be lower than Wednesday’s low of 1.1855. If it manages to break it, the way to the 50-period moving average of 1.1830 will be clear.



The British pound behaves as the euro’s twin. It has approached the key resistance of 1.3300, which it’s likely to fail to cross. The move below the 50-period moving average of 1.3220 will drive the pair lower to the next support of 1.3165.



XAU/USD has bounced off the support of $1 860. The long tails of the candlesticks below its bodies and higher highs mean that the momentum is bullish. So, we can assume the price can rise until it reaches the resistance of $1 882. If it manages to break it, it may jump to $1 900. Support levels are $1 860 and $1 850.



The Australian dollar is edging higher. Since it bounces off the 61.8% Fibonacci level of 0.7260, the doors towards the next 78.6% Fibo level of 0.7325 are open now. The move above it will drive the aussie to the psychological mark of 0.7400. Support levels are 0.7260 and 0.7225.


Follow Canada’s core retail sales at 15:30 MT time!

Check the economic calendar



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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