Today the People’s Bank of China raised its 14-day lending rate by 5 basis points to 2.7 per cent mirroring a move last week in its 1-week rate to 2.55 per cent.
Data from credit card firm Visa out today shows that British consumers reigned in their spending in the three months to March by the most in 5 years, down 1.4 per cent compared to this time last year. This follows a 1.3 per cent fall in Q4 2017. Blamed mainly on the ‘Beast from the East’, it underlines the fragility in household confidence.
DAX 30
Really rather neat consolidation under the half-way mark after the fall from a record high.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
FTSE 100
Stopped dead in its tracks, just under the 50 per cent retracement level, as the commodity channel index dips a little lower.
SHORT TERM TRADER: New short at 7255; stop well above 7320. Target 7000.
POSITION TAKER: Square.
S&P 500
A fortnight’s sell-off and now nothing; it all feels sort of wrong somehow.
SHORT TERM TRADER: Small short at 2675; stop above 2685. Target 2585.
POSITION TAKER: New short at 2665; stop above 2700. First target 2560.
BRITISH POUND/US DOLLAR
The strongest weekly close post-referendum as currencies are being re-thought.
SHORT TERM TRADER: Square.
POSITION TAKER: New long at 1.4220; stop below 1.4125. Target 1.4450.
EURO/US DOLLAR
Talk about a waste of time; what on earth is one supposed to do with this pig’s ear?
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
GOLD
Some really rather jumpy precious metals traders about the place.
SHORT TERM TRADER: New small short at 1342; stop above 1360. Target 1320.
POSITION TAKER: Square.
Nicole Elliott is a long-standing Member of the Society of Technical Analysts and has taken over the IC’s trading coverage. She is regularly interviewed and quoted by the financial media, is a conference speaker, and author of several books on charting.
