20th June 2018
The bulls fought back yesterday after the trade tariff driven sell off, with a base forming at 7550. Was a lot stronger than a lot of people expected. The FTSE and US markets didn’t seem too fazed by the $200bn of tariffs, and looks like the FTSE will shortly recapture 7700! A lot of the FTSE rise yesterday was due to a fall in the pound against the dollar, which has dipped below 132 again, and looks like it may go lower. If that were to drop to the brexit vote lows at 120ish then we may well see the FTSE continue to rise towards 7900.
Here are some key events to watch for this week:
- Draghi, Reserve Bank of Australia Governor Philip Lowe, Bank of Japan Governor Haruhiko Kuroda, and Fed Chairman Jerome Powell join a panel on central bank policy in Sintra, Portugal, on Wednesday.
- Thailand, Philippines and Brazil central bank decisions due Wednesday.
- Bank of England rate decision on Thursday.
- Also on Thursday: U.S. jobless claims, New Zealand GDP, South Korea export data.
- The Organization of Petroleum Exporting Countries meets in Vienna on Friday.
FTSE 100 Trading Signals, Forecast and Prediction
Funny how the picture changes so quickly in the trading sphere. Yesterday morning it all looked bearish, this morning, it all looks bullish for a rise towards 7705 to start with! If the bulls manage to break above this level then a further rise towards 7750 looks possible, with R3 at 7784 even a possibility!
Bloomberg’s Asia Report here
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