Trading Plan – Monday 5th December 2022: EU imposes price cap on Russian oil

Mark NugentDec 2022, Trading Plan

Trading Plan – Monday 5th December 2022: EU imposes price cap on Russian oil

Good evening.

Last week was dominated by Fed Chair Powell’s speech which the markets decided to interpret as dovish despite him not saying anything he had not already uttered. Equities climbed and the USD fell.

I traded Japan225 short. It didn’t go my way, but I managed to get out for a small loss of 0.19 percent.

This week’s calendar sees GDP prints from the Euro zone, Japan, and Australia, and two central bank rate setting meetings: Australia and Canada. That will give us some further insight into the “pivot” narrative.

Right now, sentiment is indecisive although US equities are down, and the USD and the US 10-year yield are up. The EU oil price cap on Russian product has begun, at USD60/barrel, effectively taking demand out of the market. OPEC+ hastily scheduled a meeting over the weekend but made no new decisions regarding production quotas. Finally, the Chinese at last seem to be loosening their covid restrictions in major cities.

Tonight, I will be looking closely at US equities and GBPUSD. As always, I go through my trading thoughts in the video.

I’ll be back tomorrow.

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