Amplify Trading Global Markets Review - 12th July 2019

Amplify Trading Global Markets Review - 12th July 2019

Today's Highlights

  • Iran says Britain Will be Slapped in the face for Capturing Oil Tanker

  • EU to delay Triggering Iran Dispute Procedure over Nuclear Breaches

  • China to Sanction US Companies Selling Arms to Taiwan

  • Navarro: "US and China talks are going very well"

Macro Review

Not a big deal of action today with most of the price action consolidating around recent ranges. If anything, we has some punchy comments from Iran relative to the UK interception of an Iranian Oil tanker on its route to Syrian earlier this week. The revival of tensions in the Strait of Hormuz remains a theme in the Energy market and adds up to the recent tensions between the US and Iran, with the UK picking the US side and the EU interestingly choosing to delay sanctions procedures against Iran.On the US-China front, China said to be ready to sanction US companies should their get involved in the sales of weapons to Taiwan, confirming rumours circulating earlier this week. Conversely, few hours later US Trade Adviser Navarro reiterated that progress between and US and China have been made.

Global Equities traded mix with the North American Indicesall closing above key handles for the first time. Dow Jones above 27000, SP500 above 3000 and Nasdaq above 7900. On the European front, Dax and Ftse100 traded slightly negative with the Ftse100 holding above the 7500 level and DAX choppy after the morning sell-off.

Looking over the FX space, the USD Index traded slightly softer with all major counterparts trading mainly flat. JPY and AUD was the main out performer amid positive development on the trade front between Japan and South Korea.

Crude traded flat holding above the 60 level after a brief retest to the downside supported by tension in the Strait of Hormuz and Hurricane Barry in the Gulf of Mexico. Gold held above the 1400 level amid an indecisive session

Yields traded manly flat, with the European complex picking up amid dragged by a slight pick up in inflation expectation with the 5y5 Inflation swap reaching new weekly highs, but I wouldn't get too excited about it.

EU Close

If you missed the morning briefing from the desk click HERE

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