In an exclusive interview on the front page of the Financial Times today Russia’s strongman Vladimir Putin declares that the ‘liberal idea’ has ‘outlived its purpose’. Praising nationalism and so-called populist movements he continues: ‘’[Liberals] cannot simply dictate anything to anyone just like they have been attempting to do over the recent decades’’ (since 1945, in fact).
UK final first quarter GDP is due at 09:30 BST today. In the meantime, City AM reports that the Office for National Statistics has carried out yet another review of these figures going over the last 20 years and has found the British economy to be £26 billion bigger than original estimates. Still the 5th largest economy in the world with GDP worth $2.81 trillion, according to the IMF’s most recent data.
DAX 30
The MACD readings are barely registering as the index holds close to this year’s higher levels. Note that President Putin in his interview (see above) branded Chancellor Angela Merkel’s decision to allow 1 million refugees into Germany as a ‘cardinal mistake’.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
FTSE 100
Another doji style candle yesterday and a minimal MACD. Back to Mr Putin’s interview, he believes ‘’I think Russian and UK are both interested in fully restoring our relations’’ while insisting ‘’treason is the gravest crime possible and traitors must be punished’’.
SHORT TERM TRADER: Small short at 7385; stop above 7470. Target 7100.
POSITION TAKER: Square.
S&P 500
Not so overbought as so many hold their breath hoping for some good news on the Sino-US trade war.
SHORT TERM TRADER: Short at 2885; stop above 2960. Target 2800.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
The MACD is still marginally bullish as we watch for the more outlandish comments from the UK’s contenders for PM and Tory party members.
SHORT TERM TRADER: Long at 1.2740; stop below 1.2630. Target 1.2900.
POSITION TAKER: Square.
EURO/US DOLLAR
Holding up quite well even as President Macron sees no need for the French state to reduce its holdings in car-maker Renault.
SHORT TERM TRADER: Little long at 1.1365; stop below 1.1300. Target 1.1435, maybe more.
POSITION TAKER: Square.
GOLD
Skittish intra-day price action and still overbought.
SHORT TERM TRADER: Small short at 1407; stop above 1440. Target 1335.
POSITION TAKER: New short at 1404; stop above 1440. Target 1320.
