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Today's Market Fundamentals
The market yesterday seemed to suffer from a post-Powell hangover, in my opinion the Fed was clear as day when they started to suggest that there won’t be as many interest rate hikes next year, in fact to me that is the message the talking heads have given us over the last 3 weeks. It was however a mixed bag as a lot of renowned macroeconomic houses are suggesting that the speech was not in fact an indication to pause as of 2019, sometimes it easy to get caught up in your own view and I hope that this is not the case.
The pound spent most of the day retreating again, there was not much to drive this pair and that perhaps illustrated the fragility as we head into the meaningful Brexit vote on December 11. PM May was still fighting for her stance as she suggested that the EU will not negotiate further and that the current deal is the best one, I would be surprised if business and the consumer do not favour the deal – if only to remove uncertainty.
The G20 starts today and for this reason I would be hesitant to carry an open position into next week, President Trump was active on the twitter account and again he created some unnecessary volatility in the market. He did suggest that the US were close to an agreement with China but then reiterated that he may not do anything as he like the current “deal”. That is a reference to the tariffs on imports which he sees as tax revenue for the US – there is bound to be some anxiety leading into the weekend.
Today's Market Trading Levels
- AUDCAD SELL 9720 – 0.9740
- NZDCAD SELL 9120 – 0.9140
- EURCAD SELL 5130 – 1.5160
- CADCHF BUY 7480 – 0.7460
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