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20 January 2025,02:23
Trade Of The Day
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20 January 2025, 02:23
* Trump Takeover: The euro slipped against the dollar as the greenback gained strength in anticipation of Donald Trump’s inauguration. Investors are hopeful about Trump’s upcoming economic policies, which are expected to promote U.S. growth and inflation, thereby benefiting the dollar. While these policies may lead to global trade tensions, analysts believe they could enhance the U.S. economy’s competitiveness. At a Senate Finance Committee hearing on Wednesday, Trump’s Treasury nominee, Scott Bessent, emphasized the need for tax reform to prevent a $4 trillion burden on the middle class. He also supported Trump’s protectionist stance, arguing that it could address unfair trade practices and further strengthen the dollar by boosting the U.S.’s economic and negotiating power.
* Technical Breakout: EURUSD was traded lower following prior retracement from the resistance level 1.03450. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to likely extend its losses.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 1.02250. Conversely, a potential reversal is also to be expected and the price could head back towards 1.03450.
Looking ahead, market attention is likely to center on Donald Trump’s inauguration and the anticipated policy updates following his succession, as traders assess their potential impact on the U.S. economy and the dollar. On the economic front, the calendar is relatively light, but key U.S. data such as Initial Jobless Claims and S&P Global PMI figures will still draw focus.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US and Euro data, Trump updates, global market updates, central bank updates and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
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