TRACKRECORD DAILY
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TRACKRECORD DAILY

The grind continues…

Stay with the trend.

TRADING TIP

Cut Your Losses, Hold Your Gains

If you want to be successful in trading, this is something you must learn. People often do the opposite of the motto due to the psychological barrier of loss aversion, making them reluctant to close losing positions. This reluctance can also be due to the fear of missing out in the event that the position may possibly start to perform once again.

DAY AHEAD

UK and Canada CPI will be on the radar today. More important will be the Canada CPI which will influence the monetary policy of the Bank of Canada.

TRADING PLAN

1. Currencies:

WHAT HAPPENED YESTERDAY

Market movement as of New York Close 19 Oct 2021
  • Risk currencies (AUD & NZD) showed strength as risk sentiment improved.
  • The GBP rose +0.49% to $1.3793 as money markets priced in a cumulative 35 basis points in rate hikes by the end of the year.
  • CNH hit a four-month high as fears about contagion from property giant China Evergrande’s debt troubles receded and some of its peers made bond coupon payments. Policymakers said late last week the situation was controllable. The offshore yuan strengthened to as much as 6.3768 (USD/CNH), the strongest since June 1.
  • S&P 500 (+0.74%) and Nasdaq (+0.72%) both advanced 0.7% on Tuesday and extended their winning streaks to five sessions. Risk sentiment was supported by better-than-expected earnings reports from a diversified group of companies while the market continued to weather supply chain challenges.

HEADLINES & MARKET IMPACT

Biden, Democrats aim for deal on spending package in coming days

Notable Snippet: U.S. President Joe Biden and Democratic lawmakers are edging toward a deal on the scope of their cornerstone economic revival package and hope to reach a compromise as soon as this week, people briefed on the negotiations said on Tuesday.

China coal prices plunge from record high as govt considers intervention

Notable Snippet: The sell-off came after the National Development and Reform Commission (NDRC) said government intervention in coal prices was discussed at a meeting of key coal producers, the industry association and the China Electricity Council on Tuesday.

GE mandates COVID-19 vaccines for U.S. workers

Notable Snippet: General Electric Co (GE.N) has asked its U.S.-based workers to get COVID-19 shots or seek medical or religious accommodation by Dec. 8 in order to comply with U.S. President Joe Biden’s executive order.

SENTIMENT

FX

STOCK INDICES

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Our market summary condenses the most important market events into a short read.

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