European Session news wrap
- Gold longs make sense in a high yield falling equity market
- Ouch! China feeling the impact of the US trade war
- Norway's Government on the role of it's Central bank
- Italian FTSE making new lows
- Fitch Rating agency on Italian banks
- NZD is the strongest and JPY is the weakest currency
- Diamonds are forever, (apparently not able to withstand Brexit)
- GBPUSD's rise halted at 100EMA
- Turkish foreign minister on the the wires
- European equities sliding into negative territory
- Looking at the GBPUSD weekly chart
- UK Public Sector September net borrowing 4.1bln vs expected 4.5bln
- GBPUSD finding a bid off daily and range lows.
- Looks like a bad day ahead for European equities
- Italy /German 10yr Bond yield spread hits fresh 5 1/2 year high
- UK's foreign minister Jeremy Hunt now weighing on on Brexit
- Italy's budget deficit keeping EURUSD in focus
- European equities open
- Singapore opening doors to Britain after Brexit
- EU's Barnier: we don't want to impose a hard Brexit
- BOJ's Kuroda on the wires
- Trade ideas thread - European session 19 October 2018
- EU's Barnier: We have 90% agreement with Britain
- GBPUSD places to re-enter short
- Italy's Bond yield is highest since Feb 2014 at 3.74%
- China's CSI 300 Index up over +2%
- GBPUSD falling on disastrous EU summit
- German EU minister Roth on the wires
- Going for gold in a higher yield, falling equity market
- China's vice premier says China and US are 'in touch'
- Economic data coming up in the European session
- Gold +0.07% at 1231.00
- US Crude +0.66% at 69.10
- FTSE 100 +0.13% at 7038.99
- Italian FTSE -1.12% at 18868.25
- Dax -0.12% at 11564.24
- CAC 40 -075% at 5078.37
The session started with the market digesting Brexit fears as it becomes increasingly clear that Britain is facing a hard Brexit. Britain doesn't want it, the EU doesn't even want it (with barnier saying as much), but the facts remain that the N.Irish backstop is perhaps an unsolvable issue. May is playing for more time and in doing so creates trouble for herself within her own party and with the Labour Party potentially ready to pounce and try to lead Britain down another referendum. The GBPUSD has been contained in a fairly narrow range of 50 points and price on the 15 minute chart has been contained by the 100EMA.
Italy's FTSE has fallen around the -1% mark, recovering a little into session end, as Fitch outlines the reality that a sovereign downgrade of Italy will knock on to the banks too. The Italian Government's anatginostic approach to the EU is not being taken well with the EU calling the Italian budget 'unprecedented'. That's unprecedented in a bad way and opens up more EURO weakness and new pressures on the Italian Government. The EUR/USD pair has been contained within a similarly narrow range of about 40 points and again finding resistance against the 100 EMA
Gold found strong bids at the 100 EMA on the 1 hour chart as investors look for it as a safe haven in the falling equity and rising US yield environment
The main event coming up is Canada's CPI and retail sales coming up, and you can check out Adam's preview here.
