FTSE: Struggling between the 38 and 50 per cent retracement levels with many beginning to blow a sigh of relief..Chart from Analyst, Nicole Elliott – Investors Chronicle.

 

FTSE SHORT TERM TRADER: Small short at 7180; stop above 7325. Target 7000.

FTSE POSITION TAKER: Short at 7250; stop above 7325. Target the 6675 area.

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Prepare for no-deal scenario
Says Mario Draghi

Speaking at the European Parliament yesterday the ECB president said the EU needed to accelerate the passage of regulation ahead of Brexit. He stressed ‘the critical importance of finalising the adoption of key pieces of EU legislation, such as European Market Infrastructure Regulation II, well in advance of Brexit, in order to be prepared for all possible contingencies, including a no-deal scenario’. Front and centre of his concerns is the issue of derivatives clearing houses where the 3 biggest UK ones handle around €1 trillion daily.

The ‘Beast from the East’ as icy weather has been dubbed in the UK has also affected large parts of mainland Europe. The army were called in to clear Rome’s streets which were blanketed in snow, just what one needs ahead of Sunday’s general election, and another weather system is forecast to bring blizzards as far south as Portugal later this week.

Financial & Political Commentary

 

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