Daily Alert – Thursday 30th November 2023: Eurozone inflation falls, Euro down

Mark NugentDaily Alert, Nov 2023

Daily Alert – Thursday 30th November 2023: Eurozone inflation falls, Euro down

Good afternoon.

The inflation outlook in the eurozone improved today with the core and headline report both missing expectation to the downside and being significantly below the prior month’s number. Markets are now betting on the first European Central Bank rate cut as early as April next year. The EUR has fallen, as you might expect.

Over at OPEC+, an additional 1 million barrels-per-day production cut has been agreed for 2024 as well as the current Saudi cut being extended to at least the end of Q1 2024. The oil market seems unimpressed by the lack of detail as to which member is cutting how much, and in fact WTI is down on the day.

This is the second week where I have found no high probability trades. It’s a bit frustrating but this is the nature of the beast. We have standards! And we stick to them. No trading for trading’s sake. The year-to-date performance is still excellent.

Have a great weekend when it comes. 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