Sabine Lautenschlager, the only female member of the governing body’s 25-strong board (who’s worked there since 2014) suddenly quit her job. The Financial Times reveals that neither she nor any member of the board could be reached for comment, but many are suggesting it was because of the most recent round of monetary easing, one which took the key rate down another notch to minus 50 basis points, and the introduction of what’s been dubbed ‘QE forever’.
Reuters reports that a YouGov/CEBR survey published this morning shows UK consumer confidence dropping to 103.4, a six-year low. Reasons cited were worries about job security, the impact of international trade tensions, and political uncertainty. It also follows a contraction in Q2 GDP and the prospect of weak growth in Q3.
DAX 30
Another little doji/hanging man style candle as we dither and try to hold first Fibonacci retracement support.
SHORT TERM TRADER: Short at 12365; stop above 12500. Target 11600.
POSITION TAKER: Square.
FTSE 100
Clapping, shouting and rude language in Parliament yesterday and still this index seems impervious to anything Westminster can throw at it.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
S&P 500
Once again managing to close above horizontal support around 2960 but momentum has just turned bearish.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Last week’s bullish momentum has been blown away as we tactically retreat from the recent high.
SHORT TERM TRADER: Square.
POSITION TAKER: Stopped myself out of this long position as I was unhappy about my entry level.
EURO/US DOLLAR
Momentum is now bearish as we re-test this year’s low. Rather sadly, Aivar Rehe, former CEO of Danske Bank’s Estonia branch – which lies at the centre of a €200 billion money laundering scandal - was found dead yesterday having been missing since Monday when he walked out of his home.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
GOLD
A fairly strong rejection from my re-drawn horizontal resistance level yesterday with no direction from the MACD.
SHORT TERM TRADER: Short at 1520; stop above 1535. Target 1440.
POSITION TAKER: Short at 1507; stop above 1560. Target 1440.
