Yesterday Dutch banking giant ABN Amro, which was bailed out by the Dutch government a decade ago (the state still has a 56 per cent stake), saw its share price tumble 12 per cent as it admitted that the public prosecutor had launched a criminal investigation into possible money-laundering, not acting on this, and possible financing of terrorism; these have been going on for years with late reporting of suspicious transactions, lax due diligence, and hanging on to dodgy customers for too long. Dutch finance minister Wopke Hoekstra said, ‘’it’s extremely worrying that ABN Amro s under investigation.’’
Scammers are stealing £1 million a day from UK bank accounts; 57,549 cases and a £207.5 million hit in the first 6 months of 2019; trade body UK Finance claims this is a 69% increase over 2018 data. Only £39.3 million has found its way back to victims, banks blaming their customers for approving fraudulent payments. Just as worrying is data from the Home Office showing that fraud and cybercrime alone are almost equivalent to the volume of all other crimes. Police investigations, clear-up rates and prosecutions are ridiculously low.
DAX 30
Holding above first 23.6 per cent Fibonacci retracement support. On Wednesday the offices of Deutsche Bank were raided by German authorities over its role in the Danske Bank money laundering scandal.
SHORT TERM TRADER: Short at 12365; stop above 12500. Target 11600.
POSITION TAKER: Square.
FTSE 100
Inching a few pips higher with zero momentum.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
S&P 500
Sitting slightly uncomfortably on horizontal support and first Fibonacci retracement support around 2960 but momentum has just turned bearish. Keep in mind that this coming Monday is the last day of September, the end of Q3, and end-of year looms large. Make sure you have plans in place for how you will tackle the next 6-8 weeks.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Giving up almost half of gains earlier this month and I’m looking for a level where to go long again. Watching the commodity channel index to see whether it bases.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
EURO/US DOLLAR
The euro is almost oversold as it dips to this year’s lowest level, in turn the weakest since May 2017. The currency wasn’t helped by comments yesterday in a German newspaper by EU President Jean-Claude Juncker that he and chief Brexit negotiator were doing all they could to get a deal with Britain. If this failed, something that would be a catastrophe for Britain and Europe, it would be Britain’s responsibility.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
GOLD
Such hard work yet in retrospect we’ve been stuck in the same little range for the best part of 2 months.
SHORT TERM TRADER: Short at 1520; stop above 1535. Target 1440.
POSITION TAKER: Short at 1507; stop above 1560. Target 1440.
