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Today's Market Fundamentals
The tone yesterday was a little more upbeat after weekend headlines suggested that there will be a ceasefire between the US and China on trade. I am less than convinced that we will see any deal come through, the statements were very different in that the US was very detailed with action points while the Chinese reports barely scratched the surface and was very “wishy washy”. I am still of the opinion that the Chinese are merely trying to delay anything and that this tactic won’t work, there is either going to be massive concessions on their behalf or I can see the US pushing ahead with tariffs.
The US Treasury called out China for soft commitment and the Chinese ministry refuse to deny or confirm the action points of the US. This story has got a long way to go and when tariffs get slapped on China, they will have no one to blame but themselves as they are essentially just “poking the dog with a stick” at this point.
The pound continues to be under pressure on Brexit concerns as the market anxiously awaits the vote next week. The odds of Theresa May winning the vote still look slim and this uncertainty is adding to the fact that the pound cannot find any reprieve.
Today's Market Trading Levels
- US30 SELL 25850 – 26000
- US500 SELL 2790 – 2810
- USTEC SELL 7060 – 7090
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