In a trend that has been accelerating all this year, and one that President Recep Tayyip Erdogan has not acknowledged, both the Turkish lira and their sovereign bond market are trading at record levels. The currency has seen almost a 40 per cent devaluation, this week hitting a record 5.4222 to the US dollar. With inflation running at 15 per cent, and a central bank whose hands appear tied by the Erdogan family, it comes as no surprise that the yield on 10-year bonds hit 20 per cent yesterday.
Flexible workspace is all the rage in Britain, writes City AM, and the average monthly rent for a desk hit a new peak at £690. Demand rose the fastest in Docklands and Canary Wharf; the most expensive are the City of London (£747) and Westminster at £753.
DAX 30
No progress in any direction.
SHORT TERM TRADER: Short at 12635; stop above 12930. Target 12200.
POSITION TAKER: Square.
FTSE 100
Re-drawing the trend channel yet again, trying to make sense of this stalled market.
SHORT TERM TRADER: Short at 7610; stop above 7800. First target 7500.
POSITION TAKER: Small short at 7799; stop well above 7800. First target 7400, then 7100.
S&P 500
Overbought on the daily RSI as we trade within pips of the all-time high.
SHORT TERM TRADER: Short at 2795; stop above 2880. Target 2600.
POSITION TAKER: Short at 2805; stop above 2900. Target 2555.
BRITISH POUND/US DOLLAR
Oversold on the RSI as we drag along the bottom of this year’s range.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
EURO/US DOLLAR
Not on yesterday’s close but on price action so far this morning the commodity channel index is possibly turning positive.
SHORT TERM TRADER: Might go long on today’s close.
POSITION TAKER: Square.
GOLD
Another one bumping along the bottom of this year’s range.
SHORT TERM TRADER: Square.
POSITION TAKER: Short at 1242; stop above 1240. Target 1140.
