Daily Alert: Wednesday 5th June 2019

Mark NugentDaily Alert, June 2019

Daily Alert: Tuesday 4th June 2019

A strange day yesterday with Fed Chair Powell speaking at 3pm UK time. The markets interpreted his remarks and the remarks of two other Fed voters to be dovish as they mentioned rate cuts. However, they didn’t actually mention rate cuts and in fact said what central bankers say – we’ll do what we have to do to hit our inflation target.

However, equities rose anyway, as you would expect in line with actual dovishness – they rose. But today they are doing nothing. On the other hand, the USD actually rose yesterday when a fall would be the expected move in response to dovishness. And today it is falling. GOLD did nothing yesterday and today is shooting up towards 6 year significant resistance.

It’s all a bit weird. My previous view of EURUSD (see yesterday) holds and I took a long position in the S&P500 which is currently doing very little.

Strange times.

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