The dollar traded mostly sideways versus majors and sharply higher versus emerging markets as recession fears loom again after a letdown yesterday. FX markets turned to the dollar and JPY for safety while rushing out of the TRY, MXN & BRL, the AUD traded also lower versus majors on growth worries. The combo equity markets near 2019 highs and recession fear is ripe for profit taking and movement to less riskier assets after the 15% rally in the NASDAQ so far this year, 10% in the S&P500. EU equity markets traded mostly sideways on very little positive market news and no reason for investors to put money back to work. Metals traded lower on a stronger dollar while Oil turned negative after the release of the Inventories numbers, on a surprise rise in US stockpiles of 2.8 million barrels versus expectations of a 1.2 million decrease. OPEC proposed production cuts and the Russian efforts to support prices offset what could have been a sharper move lower in Oil.
US Final GDP at 1:30 pm is the important news on the agenda Thursday. (all times GMT).
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