Trade ideas thread - European session 30 July 2019
Daily thread to exchange ideas and to share your thoughts
Good day, everyone! Hope you're all doing well as we look to get things going here on the session. It's another sluggish day for most major currencies as all the attention is on the pound once again as the quid slides amid ongoing concerns of a no-deal Brexit.At the lows today, cable fell by 100 pips to 1.2119 before a bit of a recovery to 1.2150 levels now over the past fifteen minutes. The March 2017 low of 1.2110 will be a key level to watch out for today in the event of any potential dead cat bounce play.
Meanwhile, the US trade delegation has arrived in Shanghai to begin trade talks over the next two days. I wouldn't hold my breath anticipating any significant breakthrough so instead, all eyes will be on the Fed tomorrow.
The dollar is holding firm but I reckon it's a bit of a risk going into the decision by the Fed. Sure, this looks more and more like an "insurance cut"/"one and done" but I reckon the Fed will have little scope to angle it as such.
They will want to keep the door open for more potential rate cuts down the road in case things take a turn for the worse so that is something to consider ahead of tomorrow.
What are your views on the market right now? Share your thoughts/ideas with the ForexLive community here.
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