European markets other than the FTSE traded sideways for the second day in a row on no important news and very little momentum. The FTSE closed sharply lower on remarks from BOE governor of potential rate increases and a sharply higher sterling as a result. The retail sector saved the day for the FTSE on a better than expected sales outlook release from NEXT sending the stock up 13% while miners and basic resources stocks were at the bottom of the index after another selloff day on weaker copper and nickel prices.
Forex & Commodities markets
The dollar index was on a defensive mode after a three day rally closing lower by 0.5% and signaling a potential reversal for the dollar. UK rate decision proved to be the key economic news after remarks BOE Governor on potential rate increases sent the sterling sharply higher and the UK markets sharply lower. The sterling index gained more than 1.3% on the day. US Retail Sales at 1:30 pm are the important news on the agenda Friday.
Swing trades follow up –
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