A look at the day ahead in U.S. and global markets from Mike Dolan
Darkening skies over Europe’s economy, trade and politics sent the euro plummeting to its lowest in two years – just 3% from dollar parity – as post-election U.S. crypto optimism sees Bitcoin flirt with $100,000 for the first time.
Dismal EZ PMIs hit risk sentiment, with Bonds bid and EUR at lows
Good morning USA traders, hope your day is off to a great start! Here are the top 4Â things you need to know for today’s market.
4 Things You Need to Know
Equities began the session on a firmer footing but now reside in negative territory after dismal EZ PMI metrics.
USD firmer and ultimately benefiting from poor EZ PMIs which forced EUR/USD briefly onto a 1.03 handle. Sterlinghit on its own data and Retail Sales beforehand.
Bonds soar in reaction to dire EZ PMIs which have boosted the odds of a 50bps ECB cut.
Crude is slightly firmer, XAU bid and base metals hit by sentiment.
I hate writing about politics and only do so to the extent it impacts trading. This is one of hose times when politics (i.e. the US election) has potential to have long range implications for the global economy.so it pays to give it some attention.
The question we should be asking is to what extent President Trump will be looking to implement his campaign promises, especially the more extreme ones.
Anyone who is short should stay the course and anybody who failed to get short you have plenty of time to react the first upward reaction because I’m right on this. This is a major trade, which could set things up nicely to therefore takeoff some weeks at the end of the year.