Email Update Monday 1st April 2019

Mark NugentApril 2019, Daily Alert

Email Update Monday 1st April 2019

Greetings from Kentucky.

Last week ends well with the S&P500 showing its best quarterly performance in almost a decade. Risk sentiment was positive as the week ended with all global equities up as well as WTI. On the weekly, the USD continued up whilst the EUR and GBP continued down. The JPY tracked up at the start of the week with risk-off sentiment before reversing in the second half of the week to finish down over the whole week. I close my GOLD short on Thursday at the close for a gain of 4.16% on a risk of 0.79%.

This week, Manufacturing PMI in China adds to the risk-on sentiment. More “Indicative Votes” in the UK Parliament, all of which fail, push the GBP down. Goldman Sachs say the risks to the GBP are skewed to the upside.

As of the Monday close, all equities are up as risk-on sentiment continues, apart from the Japan225, despite the weak JPY.

My watchlist includes equities, a lot of which are near resistance, and pairs involving the strong USD and CAD, and the weak EUR and GBP. So that’s EURUSD short, GBPUSD short, EURCAD short and GBPCAD short. Also, WTI has broken through resistance and OPEC report that the oil production cuts are at >100% compliance, meaning production is even less than the agreed reduced figures. This tilts the supply/demand balance towards the demand side, and suggests higher pricing.

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