Daily Alert – Wed 24 July: Risk sentiment knocked by probe into big tech in USA

Mark NugentDaily Alert, July 2019

Daily Alert – Wed 24 July: Risk sentiment knocked by probe into big tech in USA

Risk sentiment was positive yesterday until the announcement of a US Department of Justice anti-trust probe into big tech. The USD continues to tear upwards as the EUR falls, making the EURUSD the biggest forex mover on the weekly chart so far.

I am going to close my equity trades right now and I will consider a speculative long on USDTRY (trading weak TRY, with a big stop) before tomorrow’s Turkish Central Bank’s expected rate cut. This could backfire as the USDTRY is rising into the announcement so a “buy the rumour, sell the fact” situation could cause profit taking and a fall, hence the big stop, and hence the term “speculative”.

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