Hot Assets

Important news for the day:
Aug 14, 02:00 CN Industrial Production (YoY) (Jul)
Aug 14, 12:30 US Core Retail Sales (MoM) (Jul)

Countries across the globe are seeking more defensive measures as coronavirus cases keep growing. Though social distancing measures are being strictly enforced in the UK also theatres, casinos and beauty parlours are being reopened.

No major news from China for now, as global cases continue to rise, China is looking at gradually improving numbers with its economy seemingly on a steady but slow road to recovery. The industrial output rose 4.8% from a year earlier. Yet retail sales kept losing momentum showing a 1.1% decrease showing that consumption is still moving behind. In the US, Daimler AG has to pay more than $2 billion for the Diesel scandal in recent years but this amount seems just small compared to the sum of $30 billion which Volkswagen has to shoulder. The headwinds for the car manufacturer seems feasible despite the recent setbacks due to the Covid-19 pandemic.

Stock markets seem muted again towards the end of the week as we see no positive outcome for stimulus talks in the US. Silver is making up ground again and also the price of Gold keeps pushing higher. Looking at it on a weekly basis this trend could push markets higher also next week especially if the USD keeps losing momentum again.

Also, the price of Oil keeps holding steady but as the current outlook on the pandemic remains very unclear, another push lower in general markets seems likely for now. From a risk perspective, the Swiss Franc is still showing momentum and the general mood could be another positive factor for precious metals for now.

US30: we sold at 21581 and 22797 with open SL and open TP
SPX500: we sold at 2440 with open SL and open TP
GER_30: we would sell at 12270 with SL at 12990 and TP at 10900
GBPAUD: we like to buy at 1.8350 with SL at 1.8130 and TP at 1.8760
XAGUSD: we bought at 26.60 with open SL and open TP

Happy Trading,
Frank Walbaum

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