Daily Alert – Wednesday 29th September 2021: Markets obsess over multiple problems
Equities took another leg down yesterday. The calendar was sparse, and the markets began to worry about the host of issues facing the global economy: the approaching US debt-ceiling, inflation, shortages, energy prices, prematurely hawkish central banks, and the fact that for many the pandemic is not over.
My WTI long was taken out at breakeven.
Last night I went short on GBPUSD. My concerns expressed on Monday that GBP weakness would be masked by last Thursday’s hawkish Bank of England have evaporated as the GBP index dropped by 1% yesterday. That’s a big move for a currency. So far, the trade is around 1.8x risk in the money.
The calendar is almost empty today. Hopefully some good GDP and inflation data on Thursday and Friday will get us back on track.
I’ll be back tomorrow.
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