Report
EUR 9.28
For Business Accounts Only
http://track.com/articles/the-morning-track-back-to-the-future/
A day of false calm as mixed emotions from a busy week of raw nerves ends with themes shifting back to the future of FOMC rate hikes, global growth and clipping coupons. Sell-in-May meets Buy-the-Dip is yesterday’s news. Today is different as the geopolitical intrigue just matters less - forget about US President Trump and Russia or Brazil’s Temer and hush-money or China intercepting a US “sniffer†aircraft –all that doesn’t lead to more fear as what little news there is today drives larger hope for extended global stability - as S&P upgrades Indonesia’s credit rating to investment grade, as China’s Xi meets with S.Korean envoy, as Greece passes yet another new austerity bill opening debt relief disbursement. This all puts the trends that started with a weaker USD thanks to doubts about the US growth rate and FOMC hike speed back into play. The EUR/USD remains the front line of risk taking as that is the money flow – just read the ECB accounting today or
note the pain reversal from yesterday in EU positions. Things seem to be back to the future rather than stuck on a road to nowhere. That might be the simple way to trade today with oil higher, USD lower and equities bid almost everywhere. EUR 1.13 is the target as long as 1.1170 holds through the close and as long as 1.1060 base builds through next week.
The Morning Track back-to-the-future
- The Morning Track - Back to the Future? by Bob Savagehttp://track.com/articles/the-morning-track-back-to-the-future/
A day of false calm as mixed emotions from a busy week of raw nerves ends with themes shifting back to the future of FOMC rate hikes, global growth and clipping coupons. Sell-in-May meets Buy-the-Dip is yesterday’s news. Today is different as the geopolitical intrigue just matters less - forget about US President Trump and Russia or Brazil’s Temer and hush-money or China intercepting a US “sniffer†aircraft –all that doesn’t lead to more fear as what little news there is today drives larger hope for extended global stability - as S&P upgrades Indonesia’s credit rating to investment grade, as China’s Xi meets with S.Korean envoy, as Greece passes yet another new austerity bill opening debt relief disbursement. This all puts the trends that started with a weaker USD thanks to doubts about the US growth rate and FOMC hike speed back into play. The EUR/USD remains the front line of risk taking as that is the money flow – just read the ECB accounting today or
note the pain reversal from yesterday in EU positions. Things seem to be back to the future rather than stuck on a road to nowhere. That might be the simple way to trade today with oil higher, USD lower and equities bid almost everywhere. EUR 1.13 is the target as long as 1.1170 holds through the close and as long as 1.1060 base builds through next week.
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Robert Savage
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