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Dark days will be ahead of the United Kingdom, at least into mid 2024 as UK Chancellor Jeremy Hunt warns that tax rises will be for all and cut in government spending is inevitable.
The EU economy has proven to deliver a growth of 0.2% Q/Q in Q3. Although this looks somewhat optimistic but the small growth in Q3 still paints the same bigger picture which is that growth has slowed down and a recession is still in play.
Since August 2022 at 0.937, USDCHF has been in a bullish sequence as this was supported by the recent dollar strength.
Indices such as the S&P 500, the FTSE 100 and the DAX are currently in a decline since January 2022 high.
Ever since March 7th lows at 12441, DAX has been trading sideways as eventually coils into a long-term triangle.