Trading Plan – Monday 8th June 2020: All quiet ahead of Wednesday’s Fed Funds Rate

Mark NugentJune 2020, Trading Plan

Trading Plan – Monday 8th June 2020: All quiet ahead of Wednesday’s Fed Funds Rate

Last Week

Events and Calendar
George Floyd-related protests continue in the US and spread elsewhere.
ECB increases Pandemic Emergency Purchase programme by EUR 600 bln to EUR1.35 trln.
US sees surprising NFP jobs growth (+2.5m vs -7.8m).

Risk Sentiment
Solidly risk-on all week for the first time in a long time.

Asset Classes
Equities show 3rd week of strong growth.
GOLD consolidates for 8th week .
Oil sees 6th week of rally.
USD and JPY are down on the week, with every day being bullish.
AUD, NZD and CAD up on week, with the Antipodeans showing 5 straight bullish days.
FX very tradable.

Trades
T35 AUDJPY long, opened on Monday and closed on Friday for a gain of +7.96%, taking advantage of extremely tradable safe haven currencies vs commodity currencies.

This Week
The markets are quiet as the week starts. We have the Fed Funds on Wednesday. Markets are often quiet on the run up to this key risk event. I will be judging sentiment as the day develops and trading accordingly. I suspect sentiment will be either indecisive or last week’s risk-on state will roll over into this week.

Have a great week.

VIP Club members can watch the video HERE