Seven Days Ahead Weekly Multi-Asset Technical Strategies 5th June 2018
This week's Multi-Asset Technical Strategies is attached.
CURRENCIES
The Euro has important support now against further Dollar strength so the beginnings of a Euro bounce are already in place There is far less evidence for a bounce in Sterling. Nor does it look as if the Yen can bounce from current levels of Dollar support. In Sterling Euro no change to the trading range.
STOCKS
Stocks look strong everywhere now: the Europeans from much lower levels than formerly of course. But note the S&P pushing through prior highs and the FTSE bouncing strongly. Mind the relative weakness of the Nikkei!
BONDS
Bonds have paused and bounced, sometimes sharply! But close inspection suggests that the US and UK markets have a lot more to do on the upside to convince. On the other hand the Bunds look very well placed and might yet go further, in the short-term at least.
COMMODITIES
We are still long-term oil bulls but in the short and medium term the market looks exhausted and very vulnerable to further short-term set-backs. Gold is under pressure in the short and medium-term.
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