USDollar nearing 15months lows, USDJPY doing what not many expected 1 week ago, CROSSJPY's shorts working...$ bull struggling, USDCHF really not been 'trading' well, and EURUSD 1.1050+ area super important on weekly charts, USDCNH also backed-off from 7.30 resistance...U.S CPI this afternoon, expected to be a low one, but watch out for core, 2yUST down to 4.86% going into data, after hitting 5+ few days ago
Japan's changing views on price hikes open door for BOJ policy tweak.. >>> even in JPN, where we see excess demand creating inflationary pressure and higher rates..
Grocery is a problem at Amazon, claims Terry Smith
Blue-Chip Debt Problems Are Just Getting Started: Credit Weekly - US job growth is slowing and consumer spending is looking increasingly sluggish. While blue-chip American corporates remain broadly healthy, some early signs of trouble are emerging, including rising costs and pressure on profit margins/Citi
RBNZ unchanged overnight, as expected ''interest rates are constraining spending and inflation pressure as anticipated and required'
Sweden poised to strengthen Nato’s northern defences ''Sweden's Nato membership is the most important change to European security arrangements since the end of the Cold War''
BoE Gov. Bailey: ''it will take time for the full impact of rate hikes, the MPC will remain vigilant as the impact of higher rates feeds through and tighter bank lending standards reflect appropriate risk management''
Markets :
Crude now look to have bottomed out sub $70 WTI - USD weakness helping, 'technically' a weekly close above $80 would turn the trend bullish.
USDollar has been trading 'badly' even with higher UST yields and USDCNH rally (weak china macro - rebounding slightly again btw), overall 1.11+ on weeklies (see chart below) and we could have a run higher.. USDCHF sub .8800 and USDJPY sub 138 and $ bulls will give the ghost (most likely on BoJ tweak this month >>> if not in July only a matter of time..), CROSSJPY's coming in nicely lower (run-lower stops etc)..all about U.S CPI next
Equity markets love a bit of USD weakness and low vols/softer yields, not very much seem to bother them at the moment
Bonds, big picture, continue to think that we are not far off high prints in Terminal rates, but higher for longer will continue to be debated for a while..
Option explainer by our Koen:This article presents an educational example of using an Iron Condor strategy to capitalize on potential "volatility crush" during the earnings season, using JP Morgan's forthcoming earnings release as a case study
Terry Smith has explained his decision to dump his Amazon shareholding, accusing Andy Jassy, chief executive of the huge American retailer and technology group, of contradicting his own strategic principles
Let's hope the BoE is better at forecasting this than inflation over the last 18months!!
I'll get a trout from the local shop..
EURUSD 1.1050-1.11+ close higher on weekly chart and we could run higher next few months
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