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Today's Market Fundamentals
The market went a little bit quite late on Friday morning with only a little profit taking leading into the weekend as everyone turned their attention to the G20 and the China – US trade meeting in particular. As was largely suspected, there was some cease fire between the world’s two largest economies, the statements out of the two camps though were differing and I would perhaps wait for the proof in the pudding – or at least until Trump announces something on his twitter account.
The Chinese are clearly trying to stall the process and perhaps try and to run down Trumps presidency, they have agreed to purchase more US goods and at the same time they have not reinforced to the Chinese that he increase in tariffs are only for a 90 day period. In fact there are a lot of points in the US statement that the Chinese have chosen to ignore – my personal belief is that this debacle is going to raise its ugly head again after the holidays.
The market has taken this news with enthusiasm and we have seen massive “risk on” this morning with emerging markets and equities opening with massive gaps. I would wait to see what happens when London opens this morning as there are bound to be a lot of questions asked – could this be a day to close the gaps?
Today's Market Trading Levels
- AUDJPY SELL 59 – 83.40
- AUDCHF SELL 7350 – 0.7310
- EURAUD BUY 5430 – 1.5400
- GBPAUD BUY 7340 – 1.7310
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