Yesterday Banxico, as Mexico’s central bank is known, cut its key interest rate by 25 basis points for a fourth consecutive time, the Financial Times reports; it now stands at 7.25 per cent, well above that of Latin America’s biggest economy, Brazil, which was cut to a new record low of 4.5 per cent on the 12th of this month. Yesterday Sweden’s Riksbank raised it key rate from negative to zero. In contrast, today the Peoples Bank of China kept its key rate unchanged at 4.15 per cent.
Channelling my inner Druid, I shall cease work today at sunset, 15:58 GMT. I will follow this by celebrating the Winter Solstice on Sunday 22 December at 04:19 GMT, something people all over the northern hemisphere will be doing or remembering. ‘It is when the sun reaches its most southerly declination of -23.4 degrees…when the North Pole is tilted farthest away from the sun, delivering the fewest hours of sunlight of the year’ The Telegraph tells me. The word ‘solstice’ loosely translates as ‘sun stands still’, seemingly staying in the same place all day. I will be off work Christmas week and the week of New Year, back on Monday the 6th January, Epiphany.
Season’s greetings to all readers.
DAX 30
What now looks like another potential small broadening top chart pattern saw bullish momentum ease again with yesterday’s hanging man style doji.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
FTSE 100
Overbought but holding at the highest levels since July.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
S&P 500
Overbought, but closing at a new record high yesterday.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Momentum has turned bearish on yesterday’s close below the old trend line.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
EURO/US DOLLAR
Yesterday’s half-hearted shooting star candle saw momentum turn bearish as the euro struggles under trend line resistance.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
GOLD
Forming a rather unusual right-angled triangle under horizontal resistance.
SHORT TERM TRADER: Square.
POSITION TAKER: Took a $30 profit on this stale trade this morning to make sure I don’t even look at any markets over my fortnight’s holiday.
