Bloomberg tells me that South Korea is the first major exporter to publish trade data – which they did today. In the first 20 days of September they saw imports fall by 11.1 per cent and exports tumble 21.8 per cent, the biggest monthly fall since September 2009. A battle with Japan on trade deals accelerated an existing trend, with exports to that country falling 13.5 per cent and imports from Japan off 16.6 per cent. Meanwhile other countries have seen even bigger falls, South Korean exports to the EU down by 12.9 per cent, to the US off 20.7 per cent and to China a whopping 29.8 per cent. Bearing the brunt of the contraction were technology chip manufacturers whose overseas sales fell by 39.8 per cent. Ouch!
The Times Higher Education released today its survey of the top universities in the world. Placed at number one and three respectively are Oxford and Cambridge. At two is California’s Institute of Technology, four to nine are also well-known US universities, and at ten is London’s Imperial College. Note: all the top 15 are Anglo-Saxon, bar Switzerland’s ETH Zurich at 13.
DAX 30
Still hanging around the Fibonacci 61.8 per cent retracement resistance area taken from January 2018’s record high.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
FTSE 100
Another index struggling with Fibonacci 61.8 per cent retracement resistance taken from May 2018’s record high.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
S&P 500
A little gravestone doji last week merely underlines the hesitation this month as we trade very close to record highs.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Last week cable hesitated at the Fibonacci 23.6 per cent retracement resistance level taken from the post-referendum high. Unsurprising really, as PM Boris Johnson flies to New York for a UN summit on climate change (count the carbon footprints) as Britain’s Supreme Court delivers its verdict on the prorogation of Parliament.
SHORT TERM TRADER: Square.
POSITION TAKER: Long at 1.2500; stop below 1.2375. Target 1.2750.
EURO/US DOLLAR
Sad and sagging is about the best one can say on this currency pair.
SHORT TERM TRADER: Long at 1.1105; stop below 1.0980. Target 1.1350.
POSITION TAKER: Square.
GOLD
Consolidating quietly in the middle of the ange of the last six weeks.
SHORT TERM TRADER: Short at 1520; stop above 1535. Target 1440.
POSITION TAKER: Short at 1507; stop above 1560. Target 1440.
