Trading Plan – Mon 2 Sept: Two storms to deal with – Dorian and Brexit

Mark NugentSept 2019, Trading Plan

Trading Plan – Mon 2 Sept: Two storms to deal with – Dorian and Brexit

Week 35 started well with Trump being more emollient on China and further boosted on Thursday with the Chinese Mofcom making positive noises about US/China talks and also saying they would not immediately retaliate to new US sanctions scheduled to begin on 1st Sept (Sunday). Risk sentiment was neutral or positive across the week.

Equities had a good, solid up week and the USD rose. GOLD fell from highs. WTI was down and remained rangebound. The EUR has been falling throughout August. The GBP continued it’s fall as PM Johnson prorogued parliament. The Aussie and the Kiwi fell. The JPY was flat as it reflected the risk sentiment.

Trading was difficult as there was little volatility outside of equities and even then the absence of sustained positive sentiment made trading riskier than normal.

Yesterday, the next tranche of US tariff’s came into effect and the Chinese immediately retaliated, despite what Mofcom said on Thursday.

As I write, hurricane Dorian is approaching the US coast. Major storms often cause a hesitant market following by a rise when things, literally, blow over, but this one might be a bit more serious. Then of course there is the small matter of Brexit with things kicking off on Tuesday in parliament.

Have a great week and I’ll be back tomorrow.

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