FTSE: The MACD is struggling to turn bullish despite the blip above the top of the recent channel. Chart & Levels from Analyst, Nicole Elliott – Investors Chronicle


FTSE SHORT TERM TRADER: Short at a couple of levels; stop above well 7710. Target 7400.

FTSE POSITION TAKER: Small short at 7799; stop well above 7800. First target 7400, then 7100.


Son-in-law scoops two ministries
Economy czar in charge of Treasury and Finance

With sweeping new powers, and after sacking something like 18,000 civil servants days ago, Turkish President and supreme leader Recep Tayyip Erdogan gave the top ministerial jobs to his son-in-law, Berat Albayrak – who entered parliament in 2015. Sworn in yesterday for a second term under an amended constitution, Erdogan has promised to be hands on with monetary policy, favouring keeping interest rates as low as possible. Simultaneously, by government decree, he abolished the five-year term of the central bank governor and his or her ability to have a say on members of his rate-setting committee. The lira did not react well.

From today the UK’s Office for National Statistics will update GDP data monthly. In order to make them more timely, and using fewer estimates, today we’ll see May data and on a rolling three-month basis data to the end of May 2018.


Financial Markets & Political Commentary



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