Daily Alert: Tuesday 12th December 2017

Mark NugentDaily Alert, Dec 2017

Trading Analysis for Tuesday 12th December 2017

Yesterday was clearly risk on.

News emerged that the Forties pipeline, which carries 40% of UK North Sea oil production, will be shut for weeks due to repairs after a crack was found. WTI and Brent rise on the news. As my view is short on oil, I will use this as a pullback opportunity to get in at a better price.

Today we have UK CPI.

Further to yesterday’s Trading Plan, if on Thursday the Bank of England recognises last week’s Phase 1 Brexit agreement as removing some downside risk to the economy, then the GBP may well rise. There is no press conference this month, so we will have to digest the Monetary Policy Summary document to see if the Brexit agreement changes the Bank’s economic outlook.

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