EUR/USD: Another oversold currency which continues to try and stem this month’s losses. Chart/Levels from Analyst, Nicole Elliott – Investors Chronicle

 

EUR/USD SHORT TERM TRADER: Long at 1.1795; stop well below 1.1700. Target 1.2150.

EUR/USD POSITION TAKER: Square.

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UK beats budget
Best net borrowing since 2007

Rather than the £45 billion estimated by the office for Budget Responsibility, in the tax year to March 2018 Britain borrowed £40.5 billion, the lowest since March 2007. Kicking off this tax year net borrowing in April was £1.6 billion, less than this time last year, and the lowest since April 2008. OBR estimates that in this tax year public sector borrowing will drop to £37.1 billion, a quarter of 2010’s peak.

The Wall Street Journal reports that US Congress yesterday approved a revamp of rules governing financial institutions, pushing back on Dodd-Frank reforms. The House voted 258 to 159 to allow small and mid-size banks more leeway so as to expand and lend more. The bill has already been approved by the Senate (67031 vote) and just needs President Trump’s signature.

Financial Markets & Political Commentary

 

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