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EUR 9.38
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http://track.com/articles/the-morning-track-goats/
The Chicago Cubs win the world series – that is the good news -- as it’s a clear winning story after hard fought extra-innings with 8-7 victory. It is also about ending a 108-year dry spell for the club. Even further, it ends a 71-year curse set by the owner for the Billy Goat Tavern set when he was ejected from the stands for the smell of his pet goat Murphy. These are the stories that make history and underscore the power of superstitions in driving the world. Fear didn’t beat Greed last night but the rest of the day is about politics - first the US election which continues to tighten - with headlines from the WSJ that secret recordings fuelled a feud within the FBI in the Clinton Foundation investigation, while Fox news is reporting that the case against the Clinton Foundation is moving towards a 'likely indictment' according to FBI sources. Second with the UK High Court ruling against the Government on Article 50 – meaning Parliament will have to vote on any
EU negotiations before they start. GBP jumps 1.2% back to the October “flash crash†resistance at 1.2450. The appeal will be heard Dec 5-8. Third with the Egypt giving up its dirty peg and moves to a free float – brings a sharp 48% depreciation and 3% rate hike to 14.75% from central bank – meets the IMF demands in exchange for $12bn 3Y loan. EGB moves from 8.88 to 13.50 to the USD. The moves in the USD overnight in G10 are linked to GBP and SEK with economics just part of the story – and a notable role for central bankers with the BOE the next big story for trading today. That makes us all GBP traders with 1.2480 the next big level to watch for larger 1.28 risks.
The Morning Track goats
- The Morning Track – Goats by Bob Savagehttp://track.com/articles/the-morning-track-goats/
The Chicago Cubs win the world series – that is the good news -- as it’s a clear winning story after hard fought extra-innings with 8-7 victory. It is also about ending a 108-year dry spell for the club. Even further, it ends a 71-year curse set by the owner for the Billy Goat Tavern set when he was ejected from the stands for the smell of his pet goat Murphy. These are the stories that make history and underscore the power of superstitions in driving the world. Fear didn’t beat Greed last night but the rest of the day is about politics - first the US election which continues to tighten - with headlines from the WSJ that secret recordings fuelled a feud within the FBI in the Clinton Foundation investigation, while Fox news is reporting that the case against the Clinton Foundation is moving towards a 'likely indictment' according to FBI sources. Second with the UK High Court ruling against the Government on Article 50 – meaning Parliament will have to vote on any
EU negotiations before they start. GBP jumps 1.2% back to the October “flash crash†resistance at 1.2450. The appeal will be heard Dec 5-8. Third with the Egypt giving up its dirty peg and moves to a free float – brings a sharp 48% depreciation and 3% rate hike to 14.75% from central bank – meets the IMF demands in exchange for $12bn 3Y loan. EGB moves from 8.88 to 13.50 to the USD. The moves in the USD overnight in G10 are linked to GBP and SEK with economics just part of the story – and a notable role for central bankers with the BOE the next big story for trading today. That makes us all GBP traders with 1.2480 the next big level to watch for larger 1.28 risks.
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Robert Savage
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