Nick Batsford, CEO of Tip TV, opened the Tip TV Finance Show alongside Zak Mir, technical analyst for ShareProphets.com, to discuss Russia’s presence in Syria, the Fed minutes and the BoE announcement, as well as brief views on Tesco and the NASDAQ.
NATO to discuss Russia
Batsford highlighted Elliott, who noted that NATO meets in Brussels today to discuss the situation regarding Russia’s presence in Syria. Yesterday Russian warships on the Caspian Sea fired 26 long range cruise missiles against insurgents fighting against Asaad’s regime.
Tesco upside, NASDAQ needs confirmation
Mir commented on Tesco, which has seen 2 closes above the 50-DMA and 2 unfilled gaps to the upside. He continued that whilst it remains above 190, the target is the 200-DMA at 250.
When concerning the NASDAQ, Mir outlined that it is a bit of a mess, with the 200-DMA the line in the sand. He added that we need to clear the 200-DMA in order to get into bull mode on the Index.
Fed Minutes – Confuse when you cannot convince
Batsford noted FX Street, who highlighted that the Fed continues to use confusing language and calls for further improvements in the Labour market without specifying, leading to them concluding markets are unlikely to cheer more uncertainty from the Fed when the minutes are released and it may trigger fresh risk aversion.
In terms of the Bank of England, they continued that the vote split is likely to remain intact at 8-1, yet a more cautious tone will be taken due to the service sector slowdown, a drop in exports and the China slowdown. Despite the bad UK data, it would still be a surprise if the vote came in 8-0.
Finishing with the ECB, they added that it is likely to reiterate readiness to do more QE, thus capping upside in the EUR/USD post dovish FOMC comments.
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