Data from China this morning saw international trade grow, but by less than expected. Exports rose by 7.2 per cent and imports by 11.0 per cent, taking the trade surplus up to 321 billion yuan from 282 billion in June. Of this surplus $25.2 billion was with the United States.
City AM reports this morning that on the 29th August the FCA will launch a £42 million advertising campaign reminding Britain that claims against PPI miss-selling must be lodged before the cut-off date in 2019. Banks have already paid out £27 billion against this problem and are estimated to have put aside another £40 billion against future claims.
DAX 30
No longer oversold as we consolidate fabulously neatly below the horizontal level at 12350. A daily close below 12085 would turn momentum negative.
SHORT TERM TRADER: Small short at 12225; stop above 12355. Target 11550.
POSITION TAKER: Short at 12175; stop above 12415. Target 11500.
FTSE 100
The commodity channel indicator looks set to turn down as it did late July and perhaps this time it might actually see prices drop. Note sterling weakness against the euro trading up to £0.9060 today.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
S&P 500
Days on end at the same price forcing traders and financial media to look elsewhere for news.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Very odd price action with two consecutive sharp down days and no follow-through. Sitting on first Fibonacci retracement support but zero bullish momentum a little worrying.
SHORT TERM TRADER: New tiny long at 1.3035; stop well below 1.3000. First target 1.3200.
POSITION TAKER: Square.
EURO/US DOLLAR
Holding close to this year’s high with fairly decent bullish momentum.
SHORT TERM TRADER: Long at 1.1740; stop below 1.1700. Target 1.2150.
POSITION TAKER: Square.
GOLD
Yesterday’s tiniest of doji candles underlines just how many markets are suffering from summer doldrums.
SHORT TERM TRADER: Tiny short at 1266; stop above 1280. Target 1220.
POSITION TAKER: Square.
