Daily Alert – Friday 14th July 2023: The return of animal spirits

Mark NugentDaily Alert, July 2023

Daily Alert – Friday 14th July 2023: The return of animal spirits

Good afternoon.

Well, the good-old days seem to be back. Wednesday’s CPI miss to the downside has raised the mood as markets believe we are seeing the beginning of the end of the evil inflation. Equities started rising and have not stopped. US 10- and 2-year yields rose significantly. The USD fell out of the sky (slightly hyperbolic but my index says the USD is at a 15-month low and commentators are talking about a “prolonged slump”.) Even oil is rising.

My two trades, GBPUSD long and WTI long, are doing swimmingly well and should net around 7% or 8% in total when I close them later today.

So, in summary, we end the week with the welcome return of animal spirits and a handsome profit.

Have a great weekend and I’ll be back on Monday.

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