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Today's Market Fundamentals
Trade talks between the US and China do seem to be a little speculative at the moment although the fact that the talks went into a third night is perceived as positive. Trump will not attend Davos this week because he feels the talks are going well – and he has enough to deal with in Washington at the moment. I still have a feeling that the good vibes between the two at this point in time are only surface deep, the two biggest economies are far apart on Chinese subsidiaries to state companies, the market will hope for now that the tariffs are delayed further than the 90 days.
The FOMC minutes were released yesterday and this indicated that the Fed were happy to remain patient on further hikes for now, limited tightening will be supportive of a lower dollar in the coming year. The Brexit continues to sit in the shadows for now but it still poses massive risk to the market, there is still denial that article 50 will be extended and opposition party leader Corbyn is mooting a general election if May can’t pass a Brexit deal – predictable comments from opposition.
The major focus will be on comments made by Jerome Powell, there is talk that there could be further dovish comments to come from him – there is also a feeling that his comments could be the catalyst for the dollar to break through big technical levels.
Today's Market Trading Levels
- Gold SELL 1294 – 1296
- Brent SELL 50 – 61.90
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