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http://trackresearch.com/articles/the-morning-track-camels-2/
Camels: some have two humps, others just one. The technical difference matters for how long it can last without water and the comfort for the riders. The fact that 95% of the camels today are dromedaries, one hump stands out. Some will argue that llamas, alpacas and guanacos merit a mention but they are mammals not camels, according to science. For today, markets are faced with light economic data – Swedish CPI, RBA minutes and the German ZEW. Sweden is the worst performer today in the G10 thanks to its CPIF miss. JPY is a close second as US rates return to matter as a driver. The focus on Brexit talks continues to dominate UK/EU headlines – Bloomberg reported the UK was considering withholding Brexit money if it didn’t get a trade deal, while Business Insider reported the EU was preparing a 60-page “privileged†status plan for the UK. The GBP and Gilt markets did little but to continue to bleed lower – deciding to wait for the BOE testimony tomorrow maybe the b
est. This left the technical picture of the USD more important than usual and it appears to be like a two-hump camel, rare and worthy of attention. The return of rates as the favorite explanation for USD gains maybe bit too simple today – and it may make the 1pm US 2Y note sale more of an event than it should be – as the reality of FX trading could be as simple as watching a chart and making a bet.
The Morning Track camels-2
- The Morning Track - Camels by Bob Savagehttp://trackresearch.com/articles/the-morning-track-camels-2/
Camels: some have two humps, others just one. The technical difference matters for how long it can last without water and the comfort for the riders. The fact that 95% of the camels today are dromedaries, one hump stands out. Some will argue that llamas, alpacas and guanacos merit a mention but they are mammals not camels, according to science. For today, markets are faced with light economic data – Swedish CPI, RBA minutes and the German ZEW. Sweden is the worst performer today in the G10 thanks to its CPIF miss. JPY is a close second as US rates return to matter as a driver. The focus on Brexit talks continues to dominate UK/EU headlines – Bloomberg reported the UK was considering withholding Brexit money if it didn’t get a trade deal, while Business Insider reported the EU was preparing a 60-page “privileged†status plan for the UK. The GBP and Gilt markets did little but to continue to bleed lower – deciding to wait for the BOE testimony tomorrow maybe the b
est. This left the technical picture of the USD more important than usual and it appears to be like a two-hump camel, rare and worthy of attention. The return of rates as the favorite explanation for USD gains maybe bit too simple today – and it may make the 1pm US 2Y note sale more of an event than it should be – as the reality of FX trading could be as simple as watching a chart and making a bet.
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Robert Savage
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