IIFT Daily Note with Peter Brown

Market opens on a firmer tone.

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Big week for the European market. ECB rate decision on Thursday and Draghi’s press conference. We have had a lot of talk about a change from the austerity policies and this week we will find out what the ECB think. Afterall it is their policy strategy that matters. A rate cut and a more dovish stance will be regarded as positive for the equity markets and will weaken the euro. If they re-state the need for fiscal adjustment as the only way forward the opposite will be the case.

Expect a sideways market until Thursday. We may see the sort of volatility of last week but I suspect we may be around the same levels come Thursday.

Today Levels are:  Euro 1.3100  1.3085  1.3000 1.2985  S&P  1582  1572 USD/JPY still stuck below 100  97.50 and 96.00 support. Gold 1485  1425

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