GBPUSD: Last week cable hesitated at the Fibonacci 23.6 per cent retracement resistance level taken from the post-referendum high. Chart/Levels from Analyst, Nicole Elliott – Investors Chronicle.

 

International trade waning Deal or no deal

Bloomberg tells me that South Korea is the first major exporter to publish trade data – which they did today. In the first 20 days of September they saw imports fall by 11.1 per cent and exports tumble 21.8 per cent, the biggest monthly fall since September 2009. A battle with Japan on trade deals accelerated an existing trend, with exports to that country falling 13.5 per cent and imports from Japan off 16.6 per cent. Meanwhile other countries have seen even bigger falls, South Korean exports to the EU down by 12.9 per cent, to the US off 20.7 per cent and to China a whopping 29.8 per cent. Bearing the brunt of the contraction were technology chip manufacturers whose overseas sales fell by 39.8 per cent. Ouch!

The Times Higher Education released today its survey of the top universities in the world. Placed at number one and three respectively are Oxford and Cambridge. At two is California’s Institute of Technology, four to nine are also well-known US universities, and at ten is London’s Imperial College. Note: all the top 15 are Anglo-Saxon, bar Switzerland’s ETH Zurich at 13.

Nicole Elliott

Financial Markets and Political Commentary
 

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