Daily Alert – Wednesday 17th May 2023: Sanctions don’t work, they just make it worse

Mark NugentDaily Alert, May 2023

Daily Alert – Wednesday 17th May 2023: Sanctions don’t work, they just make it worse

Good morning.

Yesterday saw indecisive risk sentiment. Eurozone GDP failed to stir the markets, coming in on target. There was a mixed message from US Retail Sales with the headline number missing expectations to the downside, but the control group exceeding expectations. The markets remained unstirred.

So far, on the weekly charts, my prediction of currency strength being EUR > GBP > USD seems to be correct, but the moves are small and difficult to trade.

Bloomberg report J P Morgan saying they think the Fed will cut rates this year despite the Fed’s protestations to the contrary. Finally, there’s an interesting story about the real issue driving low oil prices. Hint: to paraphrase The Verve, the sanctions don’t work, they just make it worse.

I’ll be back tomorrow.

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