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Today’s Market Fundamentals
Risk sentiment continues to dominate the market amid all the chaos in trade deals, the recent dovish stance of the Fed will also no doubt play a part in where the market is heading. China again headlining by suggesting that they would respond with firm resolve if the US insists on escalating trade tension – we have heard this from the Chinese almost daily for the last several weeks and to me this just seems as though it is hot air.
The US have responded by reiterating that they will not agree on anything for the sake of it and that the deal must suit the US, which is fair enough, the issue is that Trump continues to move the goal posts. With the FOMC scheduled for next week, Donald Trump is trying to put pressure on the Fed to cut rates with a barrage of tweets suggesting that the Fed are clueless.
I sometimes wonder if he tweets these things so that he can take credit when things happen, only a fool does not realize that there will be a rate cut this year – so why the abuse? And while he is going through some introspection, maybe he should realize that his dubious trade negotiation techniques are not helping the cause.
Today’s Market Trading Levels
1. EURUSD SELL 1.1340 – 1.1360
2. EURGBP SELL 0.8920 – 0.8950