The US Treasury will hold an auction for the placement of treasury bonds today, where it plans to raise about $146.6 billion from the market, which will provide slight support to the American currency. In my opinion, this event will not be able to cause a strong strengthening of the American currency, inasmuch as there is still a substantial excess of dollar liquidity in the financial system now. For example, on the eve, American banks conducted reverse REPO transactions with the Federal Reserve in the amount of $841.2 billion, which was the highest indicator in history.

The bankers have a lot of money now and the Ministry of Finance’s auctions will not be able to destabilize the situation. Today you should also pay attention to the employment statistics from ADP. The positive data will be regarded by investors as a hint of the imminent phasing out of stimulus from the Federal Reserve. But will we see a strong report today is the big question? The employment indicator should be in the region of 1 million people for investors to seriously think about cutting the QE program.

Trading recommendation: flat 1.3814 – 1.3900.