Trading Plan – Tuesday 30th May 2023: Debt deal done

Mark NugentMay 2023, Trading Plan

Trading Plan – Tuesday 30th May 2023: Debt deal done

Good morning.

Last week ended with what looks like a deal on the US debt limit. Congress will vote on it today, but no one is expecting any problems. The US economy remains strong with both Q1 GDP Core PCE, the Fed’s favoured measure of inflation, beating expectations AND the prior number. The markets are now expecting at least one further 25 basis-point hike before the end of July.

I placed one trade, EURUSD long. It didn’t really work out but I managed to make 0.6% on a risk of 2%. This does not help my reward-to-risk ratio, but I managed the trade well and a profit is a profit.

This week is shortened by yesterday’s holiday in the US, Euro zone and the UK. The main events of the week are Euro zone inflation and the famous Non-Farm Payroll where we are, usually, amazed by the incredible effectiveness of the US economy.

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

I’ll be back tomorrow.

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