British Overseas Territories like the British Virgin Islands, Cayman Islands and Bermuda will be forced to reveal details of secret company ownership as part of anti-money laundering measures and tackling corruption. Proposed by Labour veteran Margaret Hodge, the register of firms’ beneficial ownership must be in place by 31 December 2020. Caribbean territories have responded angrily, per the Financial Times, while others have called for help through this transition period.
The Bank of England’s chief economist Andy Haldane, in a speech published Monday, said that people’s Spotify music downloads could be used in data analytics to gauge consumer sentiment. In the US ‘the resulting index of sentiment does at least as well in tracking consumer spending as the Michigan survey of consumer confidence’. Ex-colleague Andrew Sentence tweeted in reply that this was more evidence that the Bank had ‘lost its way’, reports City AM.
DAX 30
Frozen at the 50 per cent retracement level and bullish momentum has disappeared.
SHORT TERM TRADER: Small short at 12430; stop above 12650. Target 12000.
POSITION TAKER: Short at 12400; stop well above 12650. First target 11800.
FTSE 100
Overbought as we climb towards the maximum Fibonacci retracement levels in a very steep trend channel.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
S&P 500
Still holding inside a giant triangle, and currently under long term trend line support (which has become resistance) and momentum is slightly bearish.
SHORT TERM TRADER: Small short at 2689; stop above 2725. Target 2580.
POSITION TAKER: Short at 2673; stop above 2725. First target 2560.
BRITISH POUND/US DOLLAR
Rather jittery FX market ahead of today’s FOMC interest rate decision. Cable is back to where it was at the start of the year with a slide as steep and as sudden as January’s rally was – mirror images of each other with an inner consolidation band between 1.3800 and 1.4200. Could this be a double top?
SHORT TERM TRADER: Square.
POSITION TAKER: Crashed out of yesterday’s long and disappointed.
EURO/US DOLLAR
Headlines like: ‘euro trades below 1.2000’ are really not very helpful. The recent slide has put it at its most oversold against the US dollar since November 2016 (when it was trading around 1.0500). Having given up just over half of the gains since November 2017, we are watching for an interim base to form.
SHORT TERM TRADER: Still watching to a level at which to buy the euro.
POSITION TAKER: Square.
GOLD
Dipping briefly below support around 1310 but then getting cold feet. The commodity channel index, that has worked fairly well so far this year, is trying to find an interim base.
SHORT TERM TRADER: Thinking of trying to buy a small amount.
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.
