Weak data (Retail Sales & PPI) from the US added to recession worries – More Hawkish comments FED speakers speak 5.25-5.5% terminal rate added to a stream of other speakers Safe Haven Bid For the USD, caused Stock markets set for collapse (-1.24% to-1.81%) under key technical levels and speculators to The YEN is back And push the BOJ You can do it again. Bonds ralliedThe US 10-year yield declined to 3.75%. Asia markets are lower and rangebeound & European FUTS are also mixed. NZD Unmoved from surprise PM Ardern In February, he will step down ahead of the October elections.
- The USD Index A new 7-mth low was reached at 101.25, Before the data and a recovery 102.00 handle.
- EUR – holds at 1.0800 now, following a new 8-mth high over 1.0870.
- JPY – Rip roaring day from 131.60 Yesterday’s highs are back in test after being completely reversed 128.00 now.
- GBP – Sterling has breached 1.2400, Following the US data, and currently trades at 1.2335.
- Stocks – The US markets were very weak until the last (-1.24% – +1.81%). US500 -1.56% To 3928 Below 200 EMA, and testing the 50MA. PNC -6.04%, UAL -4.57%, US500 Trade FUTS at 3937.
- USOil – We rallied again for the test $82.50 Before the US economic data and inventories took them lower to $79.00 Where it holds now.
- Gold – has…