Daily Alert – Thursday 18th August 2022: The Fed and China sour the mood

Mark NugentAug 2022, Daily Alert

Daily Alert – Thursday 18th August 2022: The Fed and China sour the mood

Good morning.

Last night’s FOMC Meeting Minutes failed to move the markets. Essentially, they said that “market participants saw the risk of over-tightening policy but also of entrenched inflation.” Good. So, they know the rock and the hard place between which they sit.

We also had a further reminder of the woes in China. To quote Bloomberg: “State media said local governments could sell more than $229 billion of bonds to fund infrastructure investment and plug budget gaps, a further move by Beijing to shore-up an economy hit by worsening coronavirus outbreaks and a property slump.” Goldman Sachs reduced their China GDP forecast.

Risk sentiment was indecisive.

My WTI long is still alive. Also, still underwater but fighting valiantly to get back to the entry price.

I’ll be back tomorrow with brief videos of last week’s closed trades.

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