IIFT Daily Note with Peter Brown

Thank God it’s Friday

Posted by:  |  Time: 7:41 am  |  Topic:
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Well, we have US GDP today so the fun is not over. A disappointing figure here could cause a set back. This is where the action will be today. In Europe Merkel does not want a rate cut! This market will be very disappointed next Thursday if we do not get one. It will not help the market anyway but the recent rally is based on expectations that the ECB’s long standing austerity policy can be changed. I think it is unlikely in an election year for Merkel that a change of policy can be accommodated. It is likely we will stay bid until next week but Thursday/Friday next week cannot be missed.

Today it might be a little quiet. That happens when you get a week like this. Traders are tired and can some times lose interest on a Friday. Probably famous last words and the market will go crazy!

Anyhow levels are Euro 1.3100  1.2990  S&P  1588  1574  USD/JPY  99.50  97.50

Gold has pushed higher this morning  1400 now good support , upside is limited 1485 area.

A day for jobbing I think.

 

 

 

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