Daily Alert – Thurs 25 July: Big day today for EUR and TRY

Mark NugentDaily Alert, July 2019

Daily Alert – Thurs 25 July: Big day today for EUR and TRY

Another risk-on day yesterday with the S&P500 and Nasdaq closing at new all-time highs, after a small blip caused by the DoJ investigation into big tech in the USA. It looks like China President Xi will meet the trade delegation next week in Shanghai and the talks will be continued into a second meeting in Washington. This made risk sentiment quite positive.

Not so good in the Eurozone. There were serious misses on PMIs in France and Germany, with the German Manufacturing PMI hitting its lowest since 2012. This will feed into today’s ECB rate decision and statement where there could well be a significant shift to the dovish side, weakening the EUR and strengthening European equities.

At 12 noon UK time we have the Turkish Central Bank’s rate decision and statement where again a significant move towards dovishness is expected, weakening the TRY and boosting the USDTRY rate as is widely expected. I have taken a speculative long position on USDTRY.

It’s been an interesting week. I hope you made some pips.

See you next Monday.

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