Trading Plan – Mon 11 Nov: Markets start risk-off; Farage boosts the GBP

Mark Nugent Nov 2019, Trading Plan

Trading Plan – Mon 11 Nov: Markets start risk-off; Farage boosts the GBP

Last Week

Risk sentiment was driven by the commentary from both sides of the US/China trade talks. Talk was generally positive until late Thursday when tariff roll-back became a sticking point.

There was little central bank activity in the US. The Bank of England kept rates unchanged but there were two dissenters who wanted a rate cut of 25bp. The Reserve Bank of Australia was dovish and lowered the year-end GDP forecast.

All three US equity indices closed at all-time highs. The Euro50 closed at a 4½-year high.

In the FX markets, the major movers were the USD which made new short-term highs and the EUR which made 2½-year lows.

GOLD broke down through support and WTI remained rangebound.

This Week

The markets open with risk-off sentiment due to the tariff roll-back disagreement. Today, Nigel Farage boosts the GBP when he decided not to field candidates in Conservative seats. The EUR continues to fall today and, with two significant items concerning the Eurozone economy in this week’s economic calendar, it could be torrid week for the single currency.

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