I am fading the Tweet yesterday as a US-China trade deal is around the corner. I expect the final summit to come in late May. A trade deal will be enough to support the recovery in China and Europe. From a markets perspective, the deal is now mostly priced into Equities giving a very typical “trade the rumour” and “fade the fact” opportunity. Whilst on the FX board, a deal will support commodity currencies notably AUD, NZD, CAD and NOK.
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Risk prevailing creates a difficult environment for longs ...this had to be used in combination with the AUDNZD hedge
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Stops hit here... no surprises to be honest after we lost the 73 quarter overnight.