Man-Flu Delayed, Friday Market Overview
Hey guys,
Gah!
I’ve been sick as a dog with the dreaded man-flu and thought a total rest day yesterday would see me kick it, but it’s moving from throat to nose and engulfing my body, noooooooooo!
Moving onto markets and we saw a relatively quiet one with the US Fourth of July holiday hangover, lingering over our heads. So please won’t you think of me, with both a holiday market hangover AND the man-flu. Yep, I’m pretty much screwed, I know.
It’s all about Trump and the potential trade war, if you want to keep calling it that, between the Unted States and China. Fresh tariffs are set to be imposed today (tonight’s US session), with bit economies set to fire shots back and forwards.
China has said that they will hold off on their own tariffs until the US fires first, but in the never ending battle to simply seem the stronger party at both home and abroad, who knows how it will actually go down.
Remember that alongside this simmering trade war theme, we also have US Federal Reserve minutes and then the big US jobs data to come. Payrolls always get the market’s jerking about, but with the Fed seemingly set in its policy ways, the unpredictable nature of this Tariff back and forwards looks much more significant.
When we take a look at the USD index, we probably expect it to be continuing to trend upward:
DXY Daily
Burn you can see that after hitting higher time frame resistance, price has slowly pulled back.
It will be really interesting to see what tonight’s NFP number, not to mention the trade war wildcard, does to markets later. To catch up, I’m going to blog an extra, more market specific post in the lead up.
But just before I wrap up this morning, the other high level, overview chart to keep an eye on is of course the SPX:
SPX Daily
The strength here is undeniable. Something I’m still not sure what to make of.
Really. How??
Speak to you soon!
✌🏻.
@forexbrokr | Steemit Blog
Market Analyst and Forex Broker.
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As soon as you feel that twitch in your throat, you need a slow shot of something strong like tequila.
Haha vodka was my go to ;)
Lol - I thought the first rule of having man flu was not to admit it was man flu?!
Real men admit they have man-flu, haha!