New Partners?

Prime Minister Teresa May announced her resignation and will leave #10 Downing Street on June 7th.  The beauty contest to replace her has already started.   Boris Johnson seems to be the current front runner…

Prime Minister May was dealt a tough hand when she took over after PM Cameron, as a backer of staying in the EU, leading, for all practical purposes, a minority government,  getting a deal on Brexit with Europe was always going to be an uphill battle of difficult proportions. What lies ahead is anyone’s guess, but the certainty is that there will be a battle to keep Boris out of the PM role as he is not respected by all.  

A key going forward will be when the new PM goes to meet the EU leaders and says he/she needs concessions from Europe. If Europe says no, then the odds of a No Deal must be very high.

Our general view at Minter given all of the various global economic issues and what we believe is slowing global growth, we are in a sell on rallies in the global equities.  Until we get some clarity on the global issues such as Trade, Brexit, Iran etc.  Commodities are torn between a strong USD, slower growth and the political uncertainty.

The GBP has strengthened slightly since the announcement by May and it will be interesting to see developments over the next few weeks.

Crude Oil has broken key support and the $65 level is an important support.

The USD index is backing off its highs and has support at the 97.30 level.

Gold continues to hold in it’s trading range of $1270 and $1300.

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