Daily Alert: Thursday 9th November 2017

Mark NugentDaily Alert, Nov 2017

Trading Analysis for Thursday 9th November 2017

My oil trade does nothing but remains in profit, stop at breakeven. The FTSE100 short is holding its profit. Gold is pulling back as we want it to. The FTSE250 is also pulling back on political uncertainty which may give a good long set-up in the coming days.

Yesterday, the RBNZ holds rates at 1.75% as expected and brings forward its forecast for the next rate hike. In the monetary policy statement, the central bank stated that NZD has eased and if sustained it will increase inflation. Employment growth has been strong and they expect CPI to remain around the mid target range.

RBNZ Governor Spencer said the rate of the NZD is in the region of fair value.

RBNZ Assistant Governor McDermott says would be good if NZD fell a little bit further and that inflation has gone up through temporary factors which the central bank looks through.

I minor minister in the UK government was forced to resign which is causing concern in the markets due to the already precarious position the government finds itself in.

The USD is flat as are US equities. Other global equities have their own specific issues (FTSE250 down for political reasons; Japan225 down on algorithmic trading; AUS200 up on increasing Chinese steel prices). GOLD edges up. US 10 Year has an up day in a down trend. The JPY is flat. I have to say risk sentiment is neutral.

Brexit talks resume today. News from this meeting can move markets.

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