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Today's Market Fundamentals
With a holiday on both the US and Canada, yesterday was a really quite day on the economic calendar, there was however a lot of negotiating going on. Top of the agenda is the Brexit negotiations, the market was for the most part hoping for the November EU summit to resolve this but this summit now seems off the table. The EU chief negotiator did make some positive comments yesterday but the markets want a resolution to this and it seems as though we are at the mercy of market moving headlines now.
Despite the holiday, Donald Trump was active on his infamous twitter account, this time taking a dig at OPEC and Saudi Arabia for citing production cuts ahead of next December. This has led to a drop in the oil prices and emerging markets will be watching this development keenly – oil prices have a material effect on inflation which in turn plays a big part in the interest rate environment.
There are headlines this morning that the Chinese trade negotiator is on his way to the US, the markets will like this development and will bound to create a “risk on” environment, this could pave the way for the commodity currencies as well as the emerging market currencies to have a good day.
Today's Market Trading Levels
- DE30 BUY 11280 – 11250
- UK100 BUY 7060 – 7040
- Gold BUY 1205 – 1200
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