Today we run through a choppy start to the week as the market digests the latest sharp advance in energy prices and bond yields and casts a nervous eye on the feeble Chinese growth data for Q3. We also dive into the sharp flattening of the US yield curve, the...
COT: Brent and grains sold; industrial-linked metals in demand
Futures positions and changes made by hedge funds across commodities, forex, bonds and stock indices up until last Tuesday, October 12. A week where stocks traded close to unchanged ahead of the start of the US earnings season while bond yields and the dollar both rose ahead of Wednesday's FOMC...
Market Quick Take – October 18, 2021
Equities closed last week on a strong note, but are stumbling out of the gates a bit to start this week as energy prices are pressing to new highs for the cycle yet again, and as US yields are likewise rising back toward cycle highs after the choppy back and...
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FX Update: USDJPY pulling into important levels.
While the USD is weak, the JPY has lurched into a cliff-dive, taking USDJPY within reach of major 114.50 area resistance and the psychologically significant 115.00 level. Elsewhere, the weak US dollar and tame US treasury yields have helped further boost risk sentiment and commodity currencies. Today, we watch the...
Market Quick Take – October 15, 2021
US equities ripped higher yesterday, slicing through important resistance levels and were higher still in a positive Asian session as US treasury yields remained tame and the US dollar weak. In commodities markets, global oil benchmarks hit new cycle highs while copper trades this morning with 0.25% of its highest...
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Metals seem to have bottomed out
Across the board metals seem to have found strong support and have formed technical bottom and reversal patterns.Gold XAUUSD is a bit less convincing than other metals. However, on Daily time period the precious metal has established a short term uptrend (higher highs and higher lows). 200 Simple Moving Average...
FX Update: USD rally done or just a tactical knock-out?
The US dollar is back on the defensive since late yesterday after the US September CPI and FOMC minutes failed to sustain any shift in Fed expectations, while longer US treasury yields dropped, helping to fuel a comeback in risky assets, including in the currency space. AUD is especially interesting...