The market managed to finish up last week with a brief glimmer of hope as the US stocks rallied late in the day to finish nicely in the black. However, what can’t be ignored is that last week was the worst week for two years for the stock markets and the volatility that created will continue into this week’s trading. In the currencies we did see a recovery of the ‘risk on’ pairs in line with that stock rally but they still look vulnerable as we move into the new week. The Dxy opened this morning just below last week’s highs at 90.35 with the index having made 150 points over the course of last week’s trading.
It’s a very quiet start to trading week today in terms of fundamental economic data releases with Japan on holiday today and no tier 1 data due. However, later in the day we are due to hear from the White House about it’s 2019 spending proposals. After last week’s volatility there will be added focus on this event and how any announcements will affect the US numbers moving forward.
Once again traders will be focusing closely on the stock markets as we move through the week, looking ahead it’s certainly a much quieter week in terms of risk events with the US inflation data on Wednesday the main focus.
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Friday’s City: Cork, Ireland