It may not last but once again London has come out in pole position in terms of global financial cities for a second consecutive year, increasing its lead over New York by 22 points to 780. The Z/Yen index looks at 92 financial centres in terms of infrastructure, quality staff, technological innovation, regulatory framework and ability to attract international personnel. In third place came Hong Kong and fourth Singapore, though Amsterdam, Dublin, Frankfurt and Paris were all creeping up the rankings.
Norway goes to the polls today with current PM Erna Solberg seeing a late surge in the polls, Bloomberg reports. Ballot boxes close at 21:00 tonight and the centre-right coalition is hoping for its first chance to serve two consecutive terms in office since World War II.
DAX 30
Squeezing above horizontal resistance at 12335 (and not going according to plan) this morning as the market prepares for Jean-Claude Junker’s State of the Union address is Strasbourg on Wednesday.
SHORT TERM TRADER: Square.
POSITION TAKER: Stopped out of my short position this morning.
FTSE 100
Crushingly dull as we trade sideways in the tiny range that has held since May.
SHORT TERM TRADER: Square.
POSITION TAKER: Short at 7300; stop above 7460. Target roughly 7000.
S&P 500
Edging up a tiny fraction towards the record high.
SHORT TERM TRADER: Short at 2468; stop above 2480. Next target is pivotal support at 2400.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
The first weekly close above trend line resistance taken form the high in 2014 is not decisive but should make one take a closer look. It’s also the strongest weekly close in exactly a year, again hinting that the tide might be turning. MPs vote on the Repeal Bill tonight.
SHORT TERM TRADER: Took profits on my long position.
POSITION TAKER: New long on Friday’s close at 1.3195; stop below 1.3080. First target 1.3450, maybe 1.4000.
EURO/US DOLLAR
The strongest weekly close since late 2014 must surely make investors question the status quo and conventional thinking.
SHORT TERM TRADER: Square.
POSITION TAKER: New long on Friday’s close at 1.2035; stop below 1.1900.
GOLD
Precious metals have bounced further than expected over the last two weeks, with unusual and confusing chart patterns. Gold clearly has plenty of resistance at the 1360 area but if we face persistent US dollar weakness until year-end, then we shall have to factor this in to all wholesale commodities.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
