Nick Batsford, CEO of Tip TV, was joined by Zak Mir, technical analyst for Zak’s Traders Café, and Bill Hubard, Chief Economist for Bullion Capital, on the Tip TV Finance Show to discuss the ECB meeting today, Mark Carney’s speech last night, as well as the minimal market movement in August.
All eyes on the ECB
Batsford highlighted FX Street, who noted that German 10-yr yield off two-week lows, with the US-German 10-yr yield spread now at 146 bps. They continued that the ECB is likely to stay on wait and watch move, and the EUR may recover losses seen since last Thursday. In terms of currencies, the EURUSD is bearish after a daily close below 1.1292, whilst the EURGBP experienced a failed inverse head and shoulders pattern and now faces strong support at 0.7260. Gold/EUR is pointing higher after an inverse head and shoulders breakout, meanwhile, EURJPY is stuck in a symmetrical triangle. Hubard added that on the EURUSD, the market sentiment is 50/50, and he believed that the market is looking to relax in the build up to Christmas and wait and see what central banks are likely to do in 2016.
Batsford also highlighted Elliott, who outlined that many economists have all sorts of suggestions as to what ought to be done to help the Eurozone economy. She continued that this ranges from even more QE, measures to weaken the single currency and through to more negative interest rates. Chances are they’ll do nothing yet again.
October not what expected?
Mir commented that the currencies are doing nothing, and with October much anticipated and believed to be the gambling month and one of collapse, he wondered what will be the catalysts to make the market move.
Brexit for Carney?
Batsford finished with Elliott, who commented that the Bank of England weighed into the Brexit debate with Mark Carney’s speech in Oxford yesterday where he said, ‘Steps to ensure financial stability for those within the Euro area should not impede the achievement of financial stability for those without’.
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