Amplify Trading Global Markets Review - 6th August

Amplify Trading Global Markets Review - 6th August 2019

Today's Highlights

  • Kudlow: China officials coming to US in September

  • Navarro calls the FED to cut 75 bbp by end 2019

  • FED Bullard (Dove, Voter) says " FOMC should not react to tit-for-tat trade war"

Macro Review

Relatively choppy day after yesterday unusually eventful Monday. Markets take a step back reassessing the impact of a "hard-to-win" trade war. In light of recent developments both sides seems unlikely to buckles. After the US announcement to label China as currency manipulator, the PBoC suggested that recent actions aim to set CNY with bounds of 7 level. Read HERE for more information.

US Equities rebound pairing back some losses from yesterday. However, for now it looks more like a technical move as the market reassess the prospect a longer than expected trade war. Interesting under performance of Financials today, as US yield curve inverts the most since April 2017. Read HERE for more information. SP500 retraces after hitting the 2800 (200 DMA) level to the downside. The rest of Global Shares traded negative with main European indices under performing the session.

USD traded mix with EUR holding above the 1.1200 level and the rest of the G10 USD counterparts basically flat at the EU close.

Looking over the commodity complex. Gold extended gains retesting the overnight high. Crude traded choppy consolidating above the 54 level. Global yields traded mix. US 10Y remains firm below the 2% mark.

EU Close

If you missed the morning briefing from the desk click HERE

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