IIFT Daily Note with Peter Brown

Quiet start to the week.

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Little in the way of economic news this morning. Combine that with the ability of the market to ignore Ukraine and I think we are setting up for a quiet start. The European session certainly, but we may get a bit of action later after Wall St opens. Market in stocks closed high on Friday and has rallied overnight. We are again close to highs so this is probably where the market stalls and drifts lower. We will have to wait and see this afternoon.

On the Euro we have come down a bit  on the correction from Draghi’s comments. The big question is the likely level the Euro will enter next months press conference. 1.36?  1.34?  My own guess is somewhere in the 1.3450 area, so more selling to go. This morning we are a bit low so maybe a 20 point bounce first!

Conditions today are Calm

Levels are S&P (JUN)  1882  1873  WAll ST (DFB) 16630  16560  DAX (DFB) 9635  9580  Eur/USD 1.3800  1.3745 Gold 1300  1280

 

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