IIFT Daily Note with Peter Brown

Trichet today

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ECB press conference and Obama speaking will dominate today. If Trichet hints at easing the Euro will go through 1.40.

The reaction of the US equity market yesterday was a mirror image of the reaction to Bernanke last week. They are hoping for more QE. They might get some hint today but more likely is they getting nothing more than we are giving the situation our full attention.

The market should stay supported today, it’s the reaction after we need to exploit. We could spend the next few weeks on this rollercoaster between 1135 and 1205/20.

Gold had a sell off yesterday but found support at 1800. Dangerous rumours around about Central Banks selling. Not true but be carefull.

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