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http://trackresearch.com/articles/the-morning-track-whits/
The search for something, anything, to move markets off their game dominates when times are good and gets forgotten when they are bad. The lack of bad outcomes doesn’t mean this is the best of times but it sure begins to feel that way. This is affectionately called risk management but for many it smacks of paranoia. With little news today or in fact for most of the week, there is a search for that last morsel of risk that might matter – but few seem to give a wit. Today is a holiday, Pentacost, when the Holy Spirit descended about the disciples of Jesus 10 days after his Ascension, it’s a moveable feast. It’s also known as Whitsunday – that last slice of light that breaks the sky for darkness. We are all searching today for the last whit of inspiration beyond the usual to make a difference. Overnight, it was hard to find as the USD rallies, stocks rally and the headlines remain hardly new – US Treasury Mnuchin said the US was “putting the trade war on hold
,†with progress made in China trade talks. The Italian coalition has found a prime minister, a law professor from Florence, Giuseppe Conte and the Italian bonds sink lower with the EUR scratching 5-month lows. GBP leads losses on talk of the Tory back-bench preparing for Autumn elections in anticipation of Brexit legislation failing in Parliament, as Chelsea Football Club owner Russia’s Abramovich doesn’t have his UK Visa renewed, and has Scotland reconsiders an independence vote . Gold is off to the lows for the year while oil rises to the highs. Emerging markets are lower led by Turkey. Venezuela digs in as Maduro claims victory in a sham election. For such a quiet market, there is plenty of refraction and that means little to hold back larger moves when the US fully opens with focus on equities and oil, but with a backdrop to the USD with GBP and EUR on the front lines. GBP is watching the 55-week support at 1.34 for risk of 1.3220 again.
The Morning Track whits
- The Morning Track - Whits by Bob Savagehttp://trackresearch.com/articles/the-morning-track-whits/
The search for something, anything, to move markets off their game dominates when times are good and gets forgotten when they are bad. The lack of bad outcomes doesn’t mean this is the best of times but it sure begins to feel that way. This is affectionately called risk management but for many it smacks of paranoia. With little news today or in fact for most of the week, there is a search for that last morsel of risk that might matter – but few seem to give a wit. Today is a holiday, Pentacost, when the Holy Spirit descended about the disciples of Jesus 10 days after his Ascension, it’s a moveable feast. It’s also known as Whitsunday – that last slice of light that breaks the sky for darkness. We are all searching today for the last whit of inspiration beyond the usual to make a difference. Overnight, it was hard to find as the USD rallies, stocks rally and the headlines remain hardly new – US Treasury Mnuchin said the US was “putting the trade war on hold
,†with progress made in China trade talks. The Italian coalition has found a prime minister, a law professor from Florence, Giuseppe Conte and the Italian bonds sink lower with the EUR scratching 5-month lows. GBP leads losses on talk of the Tory back-bench preparing for Autumn elections in anticipation of Brexit legislation failing in Parliament, as Chelsea Football Club owner Russia’s Abramovich doesn’t have his UK Visa renewed, and has Scotland reconsiders an independence vote . Gold is off to the lows for the year while oil rises to the highs. Emerging markets are lower led by Turkey. Venezuela digs in as Maduro claims victory in a sham election. For such a quiet market, there is plenty of refraction and that means little to hold back larger moves when the US fully opens with focus on equities and oil, but with a backdrop to the USD with GBP and EUR on the front lines. GBP is watching the 55-week support at 1.34 for risk of 1.3220 again.
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Robert Savage
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