DAX: Nudging into trend line resistance but retreating from 38 per cent Fibonacci retracement resistance; all a tad messy. Chart/Levels from Analyst, Nicole Elliott – Investors Chronicle.

 

Last night the official Minutes of the US Federal Reserve monetary policy committee were published and while all agreed to the wording accompanying the 25-basis point cut – that it was a ‘recalibration of the stance of policy’ – some wanted an immediate 50 basis point cut while others thought no move at all was warranted. Head of the Fed Jerome Powell will deliver a key speech at Jackson Hole, Wyoming tomorrow, the annual pow-wow for central bankers.

This weekend’s G7 summit in Biarritz, France, will be the first since these annual meetings began in 1975 that the heads of state will not sign a joint communique. Yesterday President Macron told the press this, citing ‘’a very deep crisis of democracy’’, CNBC reports. Simultaneously on the Spanish- French border a ‘counter-G7’ summit has been organised which includes 50 NGOs, global activists and the yellow vest protestors who want to point out the ‘cynicism’ of global leaders and growing inequality.

Financial Markets and Political Commentary
 

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