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Today's Market Fundamentals
As was expected the Democrats won the house in the US mod-term elections, and the Republicans managed to hold onto the Senate. The idea is that passing through legislation is going to be tougher for Donald Trump going forward and the markets feel that he will be reigned in somewhat going into the. Just like November 2016, the equity markets rallied and this can be attributed to the fact that the current trade war talk could be watered down a little.
Trump tried to look at the positives yesterday by pointing out that this was the largest Senate gain in over a decade, he also reiterated that he could work with the Democrats even suggesting that it would be easier to do so than his own party. In the aftermath there was another resignation yesterday in that Attorney General Sessions vacated his seat, rumours are that he was asked to resign by Trump – that takes the number to 35 of people that have jumped ship.
I will be stepping away from risk currencies such as emerging markets and commodity currencies as there could be a follow through from yesterday’s moves. The market may start to base down this afternoon as there is an interest rate decision in the US tonight, my gut says that there will not be any hike this month – I wonder if that will force the dollar to trade lower still.
Today's Market Trading Levels
- GBPUSD SELL 3150 – 1.3180
- GBPCAD SELL 7220 – 1.7270
- GBPJPY SELL 20 – 142.60
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