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.
VIP Club members please [mepr-login-link] to access your Daily Alert video.
For VIP Club members, this commentary is augmented with a short daily video where I discuss the trades I am in and the opportunities for tomorrow. If you would like a free one month trial to the VIP Club you can find out more HERE.
Here is your Daily Alert video.
The updated Trading Plan is HERE.
You can download the video HERE. If it starts to play in your browser, right click on it and select “save video as” or similar and it will download to your machine.
There is an archive of all VIP Club member’s content on the VIP Club page.