Today’s Key Market Drivers: 17th December 2018
“The fireworks are set to continue on financial markets.””
Financial markets finished the week in what we call a risk-off mode with the selling pressure returning on Friday following weaker than expected China Industrial Production and Retail Sales data. The China data miss only adds to the sentiment expressed recently by Goldman Sachs and other major investment banks that US and global growth will likely slow in 2019. The Aussie and Kiwi Dollars both fell sharply following the news as they are both seen as a proxy for China and I suspect the short to medium term moves for both currencies will be to the downside. China’s trade war with the US may also keep downward pressure on the Aussie Dollar particularly if the US imposes higher tariffs on Chinese steel imports. Australia is a significant contributor of Iron Ore to China and if Chinese steel exports to the US slow this will only add to the selling pressure on the AUD.
It’s been an extremely volatile 8 weeks on financial markets and whilst we are close to the end of the year and the potential for a change in sentiment this week is packed full of high impacting data and I doubt things are ready to slow down just yet. The Bank of Japan, US Fed and Bank of England are all releasing their December policy statements and when you add to that list UK, Japanese & Canadian CPI, New Zealand, US and Canadian GDP, Australian Unemployment and US Durable Good and Personal Consumption Expenditure it’s a week that will keep volatility at its peak.
Last Friday was the last Friday Live and I will be shifting my weekly Podcast to a different format from this Friday. The Podcast will simply be called the Train With Andrew Podcast and will include interviews and fantastic trading content. This coming Friday’s special guest on the Train With Andrew Podcast is Gary Gorrow, Australia’s foremost meditation coach who has listed amongst his clients Jamie Durie, Gemma Ward, Hamish Blake (Hamish and Andy) the GWS Giants Football team, leading CEO’s of business as well as local and international celebrities. Gary is our Meditation Coach for Trading Mastery 2019 and will be giving traders who attend the most incredible learning experience when it comes to training your mind to remain, clear, calm, relaxed and restful. Along with myself and the other mentors at Trading Mastery Gary will be giving you the tools to ensure you become YOUR BEST SELF. I want you there!
If you have not registered for Trading Mastery 2019 there is a payment plan option on the website that leaves no excuses for any trader who is eager to be part of this world first and incredibly powerful and empowering event. Go to www.trainwithandrew.com.au
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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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