Daily Alert – Thursday 6th June 2024: ECB makes “hawkish cut”

Mark NugentDaily Alert, June 2024

Daily Alert – Thursday 6th June 2024: ECB makes “hawkish cut”

Good afternoon.

Today was all about the 80th anniversary of D-Day. Sobering stuff.

Elsewhere, things trundle onwards. The focus was on the European Central Bank and their expected rate cut. The bank delivered. Before we get too excited, the inflation forecast for both 2024 and 2025 was raised. We cannot assume today‚Äôs cut is the start of a rapid cutting cycle. All-in-all, the cut was seen as a “hawkish cut”. The EUR rose.

Nvidia became the second biggest company in the US, overtaking Apple. So, a real engineering company overtakes a consumer goods company. Yey! All is well.

I mentioned earlier in the week I am interested in trading a WTI reversal. Well, I did via a pending order on Tuesday. So far it is around 2x risk in-the-unrealised-money. Did the same thing with USDJPY but got knocked out at breakeven.

I will be back tomorrow with your Performance Report for May.

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