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Market Recap – Sword of Damocles

Tuesday, November 5, 2019 10:25 AM GMT

The chances of an actual Trump impeachment have not increased with last week’s vote of the Democrats of the House. The impeachment needs to be voted by the Republican controlled Senate, which is unlikely. The concrete result of last week’s vote, is that the transcripts of the inquiry became public and the Sword of Damocles is visible. President Trump can no longer refer to “fake news”. Today’s Governors and State Legislators election will clarify the actual political capital of the President.

The Central Bank of Australia (RBA) kept the monetary policy and the key interest rate unchanged, at 0.75%. Three key points need to be emphasized. (i) The expectations of global further easing have scalled back (ii) sentiment has improved (iii)the AUD continues to be at the lower end of its range, even while AUDUSD has strengthened 200 pips from the last monetary meeting.

Chistine Lagarde, the new governor of the ECB, revealed nothing at her first public speech in office, disappointing financial markets participants.

Macro releases & Earnings: Today’s economic agenda includes the earning of CocaCola, the US Service PMI, the US ISM Non-manufacturing PMI and the Canadian Trade Balance.

Disclaimer

The views expressed do not constitute investment or any other advice /recommendation /suggestion and are subject to change. Reliance upon information in this material is at the sole discretion of the reader. Opinions expressed in the report do not represent the opinion of ZuluTrade Social Trading Platform and do not constitute an offer or invitation to anyone to invest or trade.

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