US bank Capital One, and Germany’s Deutsche Bank are to be sued by the American President, his 3 eldest children and 7 of his companies. The unusual move aims to block subpoenas issued by the US House Committee (controlled by the Democrats) for the release of his financial records. It is estimated that Deutsche loaned more than $2 billion to Mr Trump and was, at one point, the only organisation willing to lend to the then embattled property developer.
Japan’s new Emperor, Naruhito, ascended to the throne in a quick ceremony today, ushering in the Reiwa era. The country is one of the few where calendar years are re-set and renamed, according to who’s in charge. Being the 1st May, many countries have national labour day holidays today. Late today the Fed concludes its rate-setting meeting and will issue a monetary policy statement.
DAX 30
Despite being very overbought it has inched up again to manage the highest daily close since September.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
FTSE 100
No longer overbought with a hammer candle yesterday suggesting the 7400 level is more important than we had thought.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
S&P 500
Another record high close and still overbought.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Picking up quite nicely from 50 per cent retracement support, suggesting that the dip below 1.2900 was a false break. The break above triangle resistance is not that important because we are at the apex of the pattern, though another close above here might turn momentum bullish.
SHORT TERM TRADER: New long at 1.3040; stop below 1.2850. Target 1.3300.
POSITION TAKER: Square.
EURO/US DOLLAR
Still no bullish momentum despite hauling itself back above the 1.1200 area -which had marked the lower boundary for many months.
SHORT TERM TRADER: Long at 1.1190; stop below 1.1100. Target 1.1400.
POSITION TAKER: Square.
GOLD
Momentum is barely bearish as we hover over horizontal support at 1276.
SHORT TERM TRADER: Short at 1283; stop above 1290. Next target 1260.
POSITION TAKER: Short at 1292; stop above 1290. Target 1185.
