Daily Alert: Tuesday 2nd July 2019

Mark NugentDaily Alert, July 2019

Daily Alert: Tuesday 2nd July 2019

GBP gets a bit bashed today with a serious miss on Construction PMI and then Carney’s comments regarding rubbish Q2 GDP.

The RBA cuts rates by 25bp early this morning UK time as expected and then joins the Fed in being less dovish than expected by saying the two recent cuts (the first being just last month) merit a time-out and we need to give them some time to work.

In general, equities are holding onto their gap-up post the Trump/Xi meeting over the weekend. WTI is dropping due to “buy the rumour, sell the rally” behaviour after the extension of the production cut, and GOLD has regained all of its Trump/Xi-inspired drop on Monday.

Now I think it’s all about how the risk sentiment develops.

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