EURUSD has broken the top level of the big downtrend line and now it has reached the resistance zone and trying to fall.
It is just a correction movement happening in EURUSD. EURUSD still remains in a strong Uptrend.
Last week Joe Biden’s Important Announcement
1.Direct payments of $1400 to people, The current stage of payment is at 600$.
2.$400 per week in supplementary unemployment benefits from September.
3.$350 billion for local and state governments
4. Minimum wage for American worker hikes to $15 per hour.
5.$130 billion for schools, $160 billion for the Vaccination program, testing.
6.$30 billion for rental and small landlord support.
7.$25 billion for child care providers.
Expanded Food assistance, child tax credits and medical family leaves.
Most of the plans are useful to middle-class people benefits and FED more to print money concepts.
Biden next move is closed the loopholes of tax for corporate giants, turned to hike tax for Corporate companies soon. This is negative for Tech giants in the US such as Microsoft, Google and other major tech giants.
In the next 4 years, Biden Government is going to be completely favoured for middle-class people and Unfavour for Corporates. It is the reverse of Trump’s Presidency.
The US Dollar gets stronger as stimulus provides inflation and businesses back to a normal level.US bonds yield rates higher once the announcement comes. The stock market of Nasdaq 100 declines after news flashed.
US Consumer confidence came at 79.2% versus 80 expected. This data shows US people lack confidence after the spread of covid-19 more in the US.
US retail sales fell to 0.7%, weak Job numbers and unemployment claims 965000 for the week.
Poor domestic economic data of US-supported by US Elect Biden announced $1.9 trillion packages to the affordable economy.
Inflation expectation in the 2021 year will be 3% versus before 2.5% after FED Powell continues it supports to households, capital markets and economy.
US Dollar gets stronger after the Stimulus package announced.
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