Danske Bank’s Estonian branch had been investigated because of allegations it had funnelled €200 billion of dirty money into the European Union. This was being investigated by the European Banking Authority which abruptly closed the case late last week, rejecting the findings of its own draft report. Cue uproar from the European Commission, justice commissioner Vera Jourova saying, ‘’the case of Danske Bank is not closed for us, regardless of the decision of EBA. It is important that supervision at national level is effective and fully in line with EU law’’. The case highlights deficiencies in the system as national watchdogs at the EBA don’t want to criticise each other.
Inward investment into Britain in 2018 was $1.9 trillion, putting it in third place after the US and China. This is more money than poured into Germany, Spain and Poland put together, City AM reports. Trade secretary Liam Fox commented, ‘’international investors continue to recognise the fundamental strengths of our economy – everything from our predictable legal system to our world-leading financial services’’.
DAX 30
A tiny little doji at a new high for this year in a very overbought market is not exactly what one wants to see. This morning Lufthansa announced a Q1 loss of €336 million citing ‘intensive’ competition.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
FTSE 100
No longer overbought as we scurry across the space propped up by the 7400 level.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
S&P 500
Still overbought with the tiniest of gravestone dojis yesterday. All very unusual.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Very slow work but trying to climb from 50 per cent retracement support.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
EURO/US DOLLAR
Momentum is less bearish as we claw our way back up towards the 1.1200 area which had marked the lower boundary for many months.
SHORT TERM TRADER: New little long at 1.1190; stop below 1.1100. Target 1.1400.
POSITION TAKER: Square.
GOLD
Retreating from Friday’s high thus keeping momentum bearish.
SHORT TERM TRADER: Short at 1283; stop above 1290. Next target 1260.
POSITION TAKER: Short at 1292; stop above 1290. Target 1185.
