Today’s Key Market Drivers: 13th August 2018
“The Turkish Lira sank by as much as 20% on Friday.”
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Financial markets finished the week very bearish following two pieces of fundamental news that saw traders sell down stocks and rally the safe haven currencies such as the Yen and US Dollar. The US once again ramped up its trade tariffs this time targeting Turkey and as a result the Turkish Lira sank by as much as 20% on Friday with the Turkish Prime Minister encouraging Turks to take what Euro’s and other cash and currency they have and transfer it into Lira in support of the Governments objection to the US steel tariffs. The Russians also threatened the US by saying any sanctions on Russian banks and money flows for Russian businesses would be considered “economic war” and the Russians would retaliate using whatever means necessary.
My Daily Reports and Videos will be from Waikiki Beach this week.
European stock indexes were hit hardest closing down between 1.5% and 2% overall. US stock indexes didn’t fare much better with the Dow Jones down 0.77% or 196 points. What I noted as I got out of bed on Saturday morning was the accelerated selling of emerging markets currencies as market wound down for the weekend. This is a sign of a very risk-off market mood. The US Dollar was the big winner Friday benefiting from the risk off trading session and the latest inflation data also beat the markets estimates supporting the US Fed’s decision to raise interest rates another two times in 2018.
As we head into a new week I have no intention of adding to any positions that I currently have nor adding any new trades at this stage. I will consider bringing my stop to break even on the USD v CAD mid-week should price continue to climb and as I noted on the Trade Time App on Friday my stop loss on my short NZD v USD and short CHF v JPY are both at the entry price with nothing to risk now.
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About the Author: Andrew Barnett
Andrew is a professional trader and successful investor who has a strong focus on education. He is a regular Sky News Money Channel Guest and one of Australia’s most awarded and respected financial experts and is regularly contacted by the Australian Media for the latest on what is happening with the Australian Dollar. Director at LTG GoldRock, Andrew Barnett, guides thousands of traders around the world in the live market on a daily basis, advising them on buy and sell directions, as well as trading his own personal account. Andrew, a regular keynote speaker at trading and wealth-creation events throughout the Asia Pacific region, is an authorized representative registered with the Australian Securities and Investment Commission (ASIC).
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