Forex market musings
Forex:
- Draghi kept the ECB to their planned timetable, with the whole 'summer' mixup a real non-event. The ECB are staying the course to keep rates low and summer does not in fact mean anything remotely early. So October 2019+?
- The US dollar caught a bid on the back of this but I can't look past the technical spot that the dollar index is in, coiling into that triangle. The dollar looks to be caught between expecting data that will lift it (GDP to come) and negative political factors trying to curb it.
- Cables fall looks to have followed the above markets, but any divergence away from the Euro will show how much Brexit angst is weighing. EUR/GBP is going to be one to watch here.
- Yen no longer meh as the BOJ conducts special bond buying program, CAD meh
Indices
- Facebook getting dumped is the big one. It fell $41.24 and wiped out $120 billion. This is the largest daily dollar decline for a US stock in history. Couldn't have happened to a nicer company...
- The Facebook tech woes and positivity between Juncker and Trump gave European stocks a bit more of a boost so there's some divergence in the indices. One for the DAX to SP500 traders.
I'm going to split crypto into another post so I don't offend anyone when the barrage of 'scam' comments come my way. Hi!
