Trading Plan – Monday 15th May 2023: Looking for a strong Euro

Mark NugentMay 2023, Trading Plan

Trading Plan – Monday 15th May 2023: Looking for a strong Euro

Good morning.

Last week we had the Bank of Japan scotching any hope of rate hikes in the foreseeable future. US inflation stayed the same or went down a bit, depending upon which measure we chose to look at. The Bank of England hiked rates as expected but was unclear on whether further hikes would be required.

Trading was impossible, so I placed no trades.

This week we have GDP in the Eurozone and Japan, and Retail Sales in the US.

I am hoping we get some clear indications of the relative strength of the EUR, GBP, and USD. I think the EUR should be stronger than the GBP, which itself should be stronger than the USD. Now, of course, things are never as clear cut as that, especially in the case of the USD as traders factor in the swirling issues of the debt-ceiling, small bank problems and waning consumer confidence.

As always, I go through my trading themes for the week in the video.

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