Amplify Trading Global Markets Review - 30th July 2019

Amplify Trading Global Markets Review - 30th July 2019

Updated: Jul 31, 2019

Today's Highlights

  • UK PM pushes EU to get a new deal in few weeks

  • US Consumer Confidence highest since 2000

  • Day 1 of talks in Shanghai inconclusive

Macro Review

We are getting deeper into on the the most interesting week of the month and things already look very interesting. Today, was the start of talks between US and China officials and whoever was expecting some breakthrough got very disappointed. I think this is turning into a pure political battle and there are very few economic reason left in the discussion. If the US and China reach and agreement it will not fully restore conditions prior the start of the trade war and if an agreement is not reached it is also unlikely than one of the contender is not add further tariffs. On the UK front, the new PM Johnson stands firm behind his pledge to deliver Brexit by the end of October and proposes ultimatum to the EU to renegotiate a new deal. PM Johnson told Irish PM the UK is leaving the EU with or without and agreement, hinting also that there may not be any talks with the EU before the divorce date, increasing chances of a No-Deal Brexit.

Global Stocks slipped amid inconclusive developments between US and China after Trump twitted that in case of his re-election negotiations conditions will be much tougher. Dax dips 2% amid worse than expected EU Industrial data and risk-off sentiment after Trump comments. The rest of North American Indicesfollowed similar patterns showing good resilience later in the session.

On the FX front, GBP prints new 2-year lows breaching below the 1.22 level as PM Johnson clashes against the EU over renegotiation of new Brexit deal.EUR and JPY traded flat ahead of tomorrow FOMC Interest Rate meeting. AUD suffers its 8th day in a row a losses.

On the commodity front Crude traded choppy around the 57 level amid lack of clear catalyst.Gold traded positive settling just below yesterday session high, amid slight negative sentiment.

Global Yields traded mix awaiting tomorrow key FOMC monetary policy meeting. ________________ EU Close

If you missed the morning briefing from the desk click HERE

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