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In the Zone
- DE30
- UK100
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Today's News Headlines
- Chinese Commerce Ministry to impose anti-dumping tax on chemicals from the US, this is bound to get Trumps blood boiling.
Market Recap
The market continues to be directed by moves in US stocks, both Google and Amazon showed disappointing revenues which sent the bourses tumbling – their worst monthly performance in a decade. The GDP print was strong, however there were some aspects of the print that don’t make sense, inventories is leading the charge in the investment which means that corporate tax cuts are not going towards buying back stocks. It also showed that net trade was negative by a bigger than expected read, and it also shows that Government contributed 0.6% which is high – all these factors does not bode well for the future.
The EURUSD tested the 100 hour MA in the last few hours of trading at 1.1420 and moved lower late on Friday evening. This level will be the barometer this week, if price is able to continue pushing higher the bulls could wrestle back the momentum.
Cable looks attractive to me, although it fell below the swing lows from August and September at 1.2785, they failed. The question that needs answering is whether this was a dead cat bounce. I still believe that there could be more upside potential today as the Brexit clock continues its count down.
Important Economic Data Due Today
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