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Today's Market Fundamentals
The market is living in hope that we will see some sort of truce between the US and China with regards to the looming trade war. Presidents Trump and Xi are set to meet at the end of the month and news that a Chinese premier had been sent to the US sparked a little risk appetite yesterday morning. Considering that Trump has shown an unwillingness to budge on trade negotiations and so my gut is that this may be just a short term fix ahead the summit.
The real news is going to centre on Brexit for the next few days as headlines are coming thick and fast, news that a Brexit deal could be offered in the next 24 hours and that a cabinet deal could be announced early this morning. All seems great at this point of time, but I suspect that the labour party will vote against the Brexit deal and that this initial optimism may just turn to despair – either way, I would stay out of all GBP and EUR pairs for the time being.
Oil is another story to keep an eye on, the oil price has lost over 6% this week as non-OPEC countries continue to create an oversupply in the market. OPEC meets again in December and the meeting will in no doubt centre around where there can be some production cuts to stabilise the oil price.
Today's Market Trading Levels
- AUDCAD SELL 9566 – 0.9585
- NZDCAD SELL 8975 – 0.9000
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