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Today's Market Fundamentals
Yesterday was all about the earnings in the US and the Canadian interest rate meeting, the EU are clearly bracing themselves for some tariffs placed on them by the US. Whilst the ECB have tried to downplay the significance of such tariffs, I am not sure the market will buy into that though – the impact, especially in Germany would be immense. We also heard that the UK will look to appoint an new BOE Governor in the Autumn of this year – considering that there is Brexit also coming soon, I am sure that this is going to be a tough position to fill.
The BOC left rates flat as expected where they slashed growth forecasts, in line with Central Banks around the world. This would indicate that they will abandon further rate hikes going forward and we will see a “flat environment” for longer. The DAX bucked the trend yesterday when they strengthened further, I see this as an opportunity to fade the move and gain some strong returns today.
Today's Market Trading Levels
1. DE30 SELL 12330 – 12360
2. USTEC SELL 7850 – 7880
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