Trading Plan – Mon 28 Oct: Week starts positively; Clear route to election in UK

Mark NugentOct 2019, Trading Plan

Trading Plan – Mon 28 Oct: Week starts positively; Clear route to election in UK

Last Week

The market was non-committal all week, being either moderately risk-on or moderately risk-off. It ended well with positive news on US/China trade talks after Trump spoke to senior Chinese officials and China’s MOFCOM for the first time alluded to a deal being within reach.

On Brexit, Boris’ deal was passed on the second reading but the legislative timetable motion (The “Programme Motion” failed). The EU’s expected extension to Brexit was delayed due to French manoeuvring.

Global equities rose over the week, aided in large part by Friday’s move. The USD rose as both the EUR and GBP fell. The AUD, NZD and JPY were flat and CAD ticked down very slightly.

GOLD remained rangebound. WTI lifted itself from support.

In general, volatility was low across all asset classes.

This Week

The week has started positively after Friday’s good news on US/China trade. It looks like the Lib Dems and the SNP have paved the way for a December election in the UK. It’s a busy week on the economic calendar with the Fed on Wednesday being the highlight. The S&P500 is making a new intra-day all-time high as I write…

Happy trading.

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