9 green UP candles in a row and record highs each week, including the startt of this week. Betting on a retracement following through will remain a low probability bet until/unless this pattern is broken.
A look at the day ahead in U.S. and global markets from Mike Dolan
Global investors got a reminder last week that the U.S. economic expansion is not etched in stone, even Wall Street is priced as if it was, and German stocks got another shot in the arm on Monday from weekend election results.
A string of soft readings from the U.S. retail and service sectors unnerved U.S. stock traders on Friday, with growing fears the disruption and uncertainty sown by Donald Trump’s new administration are forcing consumers and businesses to draw in their horns.
EURO s back to 1.0465-ish after gaming initial political enthusiasm to 1.0528ish
and now that post-election things are sobering players are likely to focus on the attempt by trudeau in europe trying to collude with the german against trump’s tariffs on autos: is a canadian/german collusion going to tame down the belligerence OR is it going to evolve into bonafide trade war between the US vs Canado/German cabal.
Dollar close to unchanged after post-German election trading.
Focus on the EU and EURUSD after the German election results were about as expected.
Initial positive reaction was partly driven by hope a new government would remove the debt brake and more spending would boost the Econ. Perhaps on second thought is the reality of trying to put together and then govern with a three party coalition from opposite sides of the political spectrum.
EURUSD is back to square one after failing to hold 1.05+