Daily Alert: Friday 15th December 2017

Mark NugentDaily Alert, Dec 2017

Trading Analysis for Friday 15th December 2017

My Brent short reverses but is still alive.

The ECB kept interest rates unchanged as expected. The EUR was weaker by the end of ECB President Draghi’s post-meeting press conference and Q&A, as despite bullish growth assessments and more confidence about reaching the inflation target since October’s QE taper announcement he maintained that bond-buying will remain open-ended. Growth forecasts increased. Inflation forecasts essentially unchanged.

The Bank of England keeps rates and QE unchanged, each with unanimity, 0-0-9. The statement did say that the risks of a disorderly Brexit were lessened by the Phase 1 agreement but the GBP didn’t seem to care.

The USD recovered some of Wednesday’s losses. US equities were flat at all-time highs, down elsewhere. The JPY weakened but then ended up slightly stronger. The US 10 Year yield was up. I think risk sentiment was neutral.

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