Todays Market Overview
It’s friday the 13th! Any traders with superstition on their mind, and trading whilst listening to Stevie Wonder should turn off their speakers and read on!
- Traders waiting for data: US Core CPI (MoM) (Sep), Core Retail Sales (MoM) (Sep) , Retail Sales (MoM) (Sep)
- US dollar flat ahead of inflation data release at 1.30 today
- GBP continuing the rise this morning, after remarks from Barnier offering the UK a two year transition period to remain in the EU.
- Oil trading higher
- Bitcoin’s incredible rally to an overnight high of 5800. What next?
- US earning announcements to start next week.
With 2% inflation growth rate on track for Euro zone, and to start reduction in January 2018, what will the future hold when they the announce future bond-buying program on October 26th 2017.
Some officials favouring extending QE at EU30b for nine months instead of six months
North Korea is still a low-medium risk but as markets become more immune to Trump- Kim Jong-un’s rhetoric, still focusing on inflation data, US tax reform and earnings announcements.
Todays Trade Ideas
EURUSD – Buy the Dip
I would expect EURUSD volatility to pick-up once the US CPI is announced at 13.30 GMT today. I will look to buy the Euro on any dip lower to 1.1755/1.1790 levels with a 1.1720 stop. I would advise not to be short on the Euro. If I am taken long I will have a Take profit level of 1.18220.