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Today's Market Fundamentals
After a quite chaotic week for the UK with Brexit headlines creating extreme volatility in the market, the news started to trickle in on Friday in what was deemed a welcome change from the previous few days. I still suspect that this whole thing may blow up again in a couple of days, not only is Theresa May facing vote of no confidence but she has taken on the role Brexit secretary – since no one wants the job.
I have come to find a new found respect for Theresa May over the last week, not only did she take on a position that she didn’t really want in the first place, but she has served the UK well. She will face a no confidence vote probably after a taking a deal to Parliament which will be rejected. A lesser person would probably have jumped ship already. The take away for me is that we are really starting to see a “no deal” scenario play out – and that could make the next couple of years really interesting.
The US started the day in a rather positive fashion with Donald Trump admitting that he hopes the US and China would be able to find some form of middle ground in their pursuing trade disagreement. Then come the talking heads out of the Fed which changed the course of the day completely when they highlighted a bearish outlook on global growth. This came as a surprise to the market as they effectively interpreted this as a note of caution in the Fed’s hiking path, this triggered a bout of dollar selling, it will be interesting to see the dot path on Monday – the market had priced in a December hike, this could completely change market sentiment and we could see a massive unwind of that position next week.
Today's Market Trading Levels
- NZDUSD SELL 6850 – 0.6870
- NZDCHF SELL 6855 – 0.6890
- NZDJPY SELL 7725 – 0.7770
- NZDCAD SELL 9025 – 0.9065
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