Daily Report December 18, 2017
European markets traded mostly sideways on a low volume choppy trading day. Swedish retailer giant H&M shares fell to nine year lows after yet another disappointing sales outlook and a sluggish sales report. H&M stock took a 13% dive on the news. The news from Sweden affected NEXT whose shares were lower as well and dragged the retail sector to the bottom of the EURSX600. The UK markets traded higher on a weaker sterling while all other EU markets closed near the flat line.
Forex & Commodities markets:
The dollar index moved sharply higher Friday on expectation of the approval of the US tax bill. The dollar gained back most of its losses following the FOMC statement Wednesday and closed below the 1.175 vs the Euro. Metals managed another positive close while OIL traded sideways to close under 57.5$ per barrel. There is no important news on the agenda Monday.
Swing trades follow up –
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