Daily Alert – Thursday 7th December 2023: BoJ’s Ueda hints at rate hike

Mark NugentDaily Alert, December 2023

Daily Alert – Thursday 7th December 2023: BoJ’s Ueda hints at rate hike

Good afternoon.

Eurozone Q3 GDP comes in at -0.1%. Not good at all.

European Central Bank Governing Council member de Galhau said that, barring major surprises, the hiking party is over and they may look at cuts in 2024, but are not looking at that now.

Bank of Japan Governor Ueda and one of his minions hinted at a “change of policy”. Japan’s interest rate has been at -0.1% (yes, minus) since at least 2016 (that’s all the data I have). Needless to say, the JPY rose and the Japan225 equities index fell. There might be a “reversal” trade here to what almost certainly a market over-reaction.

No trades for me this week. Frustratingly, my view on the Euro is correct but I found no high probability setups to express this view. Still, we muddle on.

I’ll be back tomorrow with your Performance Report for November and Year-to-Date.

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