Daily Alert – Friday 21st July 2023: USD defies expectations

Mark NugentDaily Alert, July 2023

Daily Alert – Friday 21st July 2023: USD defies expectations

Good afternoon.

Firstly, I forgot to send out an email yesterday, letting you know that brief videos of last week’s trades had been published. The trades were GBPUSD long, closed for a gain of 5.07%. The second trade was WTI long, closed for a gain of 2.13%. You can see these videos under the “Trades” tab in the member’s area.

This week has been quite quiet. All the action happened on Wednesday with Eurozone and UK inflation. Core CPI in the Eurozone missed to the upside, showing the European Central Bank still has work to do. It was a different story in the UK, with inflation coming in lower than expected, causing the GBP to fall. The drop continued into Thursday and is now only reversing, but the GBP will end the week significantly down.

The USD is defying all the “it’s time for a sustained fall” commentators and will end the week significantly up, no doubt buoyed by Thursday’s job data showing fewer unemployment claims than anticipated. The US economy really is something.

I placed no trades as I saw no compelling opportunities.

Have a good weekend. I’ll be back on Monday.

VIP Club members can see today’s video, all brief trading videos, the Monthly and YTD Performance videos, the Trading Video Course and download the MTM Indicators software HERE