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Today's Market Fundamentals
The market continues to battle with indecision as global trade tensions and the possibility of a rate cut by the Fed cast a shadow overhead. With the healthier risk mood that was evident during the morning session giving way the nearer the Fed speech came – there was also the smaller fact of dialogue between the US and Mexico to come.
Fed Chair Powell did not say too much in his speech that was unexpected, he did fuel rate cuts later this year though. He did mention that they were closely monitoring the trade developments as well as the impact this saga could have on the financial markets. He reiterated that the “crisis-era” tools would be needed to sustain expansion. These comments resulted in the market pricing in a rate cut in September.
Following on from the warning China issued to students in the US, it took one step further by warning citizens to expect gun violence and other threats – talk about an over exaggeration! The afternoon session was dominated by more positive headlines with Mexico said to accept proposals on US immigration and news that the US would meet with the Chinese at the G20.
Today, I am focused on the Proteas though! I am hoping we can somehow manufacture a win against India – and get on the scoreboard at least.
Today's Market Trading Levels
1. Brent BUY 6020 – 6000
2. GOLD SELL 1327 – 1330
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