Report
EUR 9.38
For Business Accounts Only
http://track.com/articles/the-morning-track-autumn-freezes/
The US is about to embark on it Thanksgiving holiday tomorrow, making the morning today, with economic news and FOMC minutes, the only block to a feast of food, leaving investors unlikely to do much if anything today. Friday is about shopping and “working from home†in the new productivity world for much of the US – making clear that we are likely to be frozen when it comes to the usual connection of market animal spirits to main street economics. This freeze in mood was central to understanding the overnight price action. The Reuters report on the ECB taking action to ease up on the repo squeeze in 2Y German Schatz – which has moved for 11 days stronger – reversed much of the curve steepening and the view that all is well in ECB policy land. Similarly, the stakes for the Italian Referendum got more clear as Italian PM Renzi promised to call new elections should he lose as the polls all suggest. This makes for an uneasy mix of positioning short EUR being sque
ezed higher on rates – with 1.0670 the key level to watch.
The Morning Track autumn-freezes
- The Morning Track – Autumn Freezes by Bob Savagehttp://track.com/articles/the-morning-track-autumn-freezes/
The US is about to embark on it Thanksgiving holiday tomorrow, making the morning today, with economic news and FOMC minutes, the only block to a feast of food, leaving investors unlikely to do much if anything today. Friday is about shopping and “working from home†in the new productivity world for much of the US – making clear that we are likely to be frozen when it comes to the usual connection of market animal spirits to main street economics. This freeze in mood was central to understanding the overnight price action. The Reuters report on the ECB taking action to ease up on the repo squeeze in 2Y German Schatz – which has moved for 11 days stronger – reversed much of the curve steepening and the view that all is well in ECB policy land. Similarly, the stakes for the Italian Referendum got more clear as Italian PM Renzi promised to call new elections should he lose as the polls all suggest. This makes for an uneasy mix of positioning short EUR being sque
ezed higher on rates – with 1.0670 the key level to watch.
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Track
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Robert Savage
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