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Today's Market Fundamentals
A dollar holiday yesterday meant that trading was pretty thin, the signs of progress between US-China trade deals on Friday evening was not able to take full effect and perhaps we may see some action today. China has been overly helpful in the coming days by offering the US a 6 year import boost worth over $ 1 trillion dollars – this would been that bilateral trade balance would be zero by 2024, considering their reluctance over the past 12 month you can’t blame the US for being sceptical.
It has been further reported that Trump and North Korean leader Kim Jong-Un will meet towards the end of February, this could further aid the risk assets if good news comes from this meeting. The rest of the day was dedicated to Brexit news with PM May to present her plan B to parliament, today she promised to make a number of concessions including the Irish backstop which is continuing to be a major backstop.
Labour Party have agreed to back amendments as long as deal rules out “no-deal” and this in my mind is the perfect “chicken and egg” conundrum – because to ensure a no deal there has to be an agreement on a deal. I suspect that this is could drag on as Labour try and delay until they get a second referendum. The market will start to lose interest in this story soon, so let’s hope they can just get something through shortly.
Today's Market Trading Levels
- Brent SELL 80 – 63.10
- WTI SELL 10 – 54.30
- EURCAD BUY 5100 – 1.5075
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