Playlist: Deutsche Börse (XETRA)

Show less
Technical analysis webinar – A view of the market: Larsson
Kim Cramer Larsson
15 August 2018 at 14:37 GMT
Trading on NFP day: Lambert
Clive Lambert - FuturesTechs
09 March 2018 at 8:48 GMT
Time to short the DAX?: Lambert
Clive Lambert - FuturesTechs
17 January 2018 at 8:22 GMT
Why I'm Shorting DAX: O'Hare
Steve O'Hare - First 4 Trading
11 January 2018 at 8:00 GMT
Why I'm selling the Dax: Lambert
Clive Lambert - FuturesTechs
01 December 2017 at 9:04 GMT
Buying a dip on the Dax: Lambert
Clive Lambert - FuturesTechs
29 November 2017 at 8:49 GMT
Why I'm selling DAX: O'Hare
Steve O'Hare - First 4 Trading
09 November 2017 at 8:07 GMT
Why I'm selling DAX: O'Hare
Steve O'Hare - First 4 Trading
19 October 2017 at 8:23 GMT
Quarterly Outlook: For the future, look no further than China
Peter Garnry
03 October 2017 at 11:33 GMT
Quarterly Outlook: Credit impulse contraction bad news for growth
Dembik Christopher
03 October 2017 at 10:30 GMT
Video / 19 September 2017 at 7:40 GMT

From the Floor: Trump's UN speech 'the key risk event' — #SaxoStrats

   • Trump to speak before United Nations at 1430 GMT
   • BoE, BoC comments inhibit GBP, CAD rallies
   • Portuguese debt upgraded to Investment Grade status
   • ZEW survey at 0900 GMT expected to show sentiment boost
   • Silver breaks uptrend from July, hits $17.05/oz target

By Michael McKenna

"The key risk event for today," says Saxo Bank head of FX strategy John J Hardy, "is US president Donald Trump's speech before the United Nations Security Council."

The address is Trump's first appearance before the UN, and it marks a major opportunity for clarification of US foreign policy regarding North Korea and Iran. Markets will watch the former most acutely, both to gauge the risk of imminent conflict over Pyongyang's continued nuclear weapons tests and to see the degree to which Trump proves willing to draw China, and US policy on China, into the tense nuclear standoff.

Markets have increasingly been ignoring the North Korean issue, with the isolated nation's most recent missile test putting almost no dent in risk-on sentiment, but pitched rhetoric from Trump could quickly change the perceived risk landscape.

In FX markets, Hardy continues, the Bank of Canada's comment Monday that it is watching the price of its currency closely put some pressure on the runaway loonie rally while similar cautions expressed by the Bank of England's Carney and Lane inhibited sterling somewhat.

"I still like cable higher," says Hardy, "if it proves able to hold the 1.35 level." (Read also Hardy's latest FX Update here on TradingFloor.)


Create your own charts with SaxoTraderGO click here to learn more

Source: Saxo Bank 

With the risk-on climate still very much in effect, Saxo Bank head of equity strategy Peter Garnry says that he sees a continued Nikkei rally as likely; the Japanese index gained 1.96% to 20,299.38 today.

In Europe, Garnry says that Dax futures are meeting a singificant degree of resistance, with the 12,500 level as key support and 12,575 as the upside area to watch. In Saxo technical analyst Kim Cramer Larsson's view, the Dax chart shows a bullish RSI reading with major resistance at 12,600.

Elsewhere in the charts, Larsson reports that Apple shares are weighing on the US Nasdaq index with a move above 165 needed to "demolish the bear picture".

In commodities, Saxo's Ole Hansen has his eye on the precious metals complex, with silver having broken its uptrend from July and meeting his target of $17.05/oz, while platinum currently trades at a historically unprecedented $350 discount to gold.

EURUSD is nearing the 1.20 area after Portuguese debt was upgraded to investment grade status, with yields falling 35 basis points as a result, while Garnry points to the 7% rally in Nintendo shares as reflective of the broader trend towards potentially inflated asset prices.

"Nintendo's valuation is four times higher than it was at the height of the dot-com bubble, with EV/EBITDA at 82," Garnry reports.

For more on Nintendo, Apple, central banks, and the major equities index, listen to today's Morning Call in its entirety above.

United Nations
Trump's UN address is expected to clarify the US stance on North Korea. Photo: Shutterstock 

Michael McKenna is senior editor at Saxo Bank


The Saxo Bank Group entities each provide execution-only service and access to permitting a person to view and/or use content available on or via the website is not intended to and does not change or expand on this. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on or as a result of the use of the Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. When trading through your contracting Saxo Bank Group entity will be the counterparty to any trading entered into by you. does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of ourtrading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws. Please read our disclaimers:
- Notification on Non-Independent Invetment Research
- Full disclaimer

Check your inbox for a mail from us to fully activate your profile. No mail? Have us re-send your verification mail