Daily Alert – Wednesday 1st March 2023: Central banks having an effect

Mark NugentDaily Alert, March 2023

Daily Alert – Wednesday 1st March 2023: Central banks having an effect

Good morning.

Yesterday was risk-off. We saw signs of central bank activity having an impact on economies as both Canadian and Australian GDP missed expectation. China’s re-entry into the global economy was reflected in PMI readings that are the highest in a decade.

In terms of trading, I am watching GBPUSD and EURGBP closely. EURGBP is moving up nicely from support, but the move is being driven by a strong EUR and a less strong GBP, so it makes no sense to trade a “weak GBP” theme in that scenario.

Equities are falling but have yet to make a decisive breakout to the downside through support.

WTI is floating around in the middle of its current consolidation zone.

So, I wait for the good setups, with the patience of a saint.

I will be back tomorrow.

VIP Club members can see today’s video, all brief trading videos, the Monthly and YTD Performance videos, the Trading Video Course and download the MTM Indicators software HERE