Amplify Trading Global Markets Review - 8th November 2019

Amplify Trading Global Markets Review - 8th November 2019

Today's Highlights

  • UK SNP float Labour alliance in return for independence debate

  • Trump denies US agreement on rolling back tariff with China

  • US and China sources noted that both sides want Phase1 papered by next week

  • Chinese trade figures show a contraction in both USD-denominated exports and imports

  • Iranian Air Defences shot down a drone on the edge of the Persian Gulf, US Defence official report no US drone being shot down 

Macro Review

This Friday wraps a busy week of trading with some sizable moves in Gold, Fixed Income and FX all touching key long term technical levels. The so called "reflation trade" has been at the centre of this week move as investors discount a more neutral stance from the FED as expectation for a pick-up in long-term inflation and growth rise leading to a steeping of the yield curve. On top of that, the weeks following the last FED meeting saw most of the world central banks cutting domestic outlook and shifting towards more accommodating policies causing outflows from foreign currencies and therefore strength in the US dollar. Risk appetite has remained relatively positive pumping North American indices to record all-time highs returning to low level of volatility very similar to the following months of Trump election back in 2017. However, after the US and China sources suggested a close resolution to roll back tariffs, today President Trump noted that "No Pact with China has been reached on lifting tariffs".

Looking over to UK Politics it is worth noting today during the lunch of the SNP campaign the Scottish Nationalists leader will "seek a progressive alliance" with the opposition Labour Party if an election next month results in no one winning an overall majority. The Scottish Party will also be pushing for a second independence vote.

_______________ EU Close

If you missed the morning briefing from the desk click HERE

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