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http://track.com/articles/the-morning-track-jitters-4/
While Asian shares continue to trade near 10-year highs, Europe stalls with the news just not enough to make the mood upbeat as US talk of Trump supporting Taylor for FOMC Chair next drives everyone to Taylor rule calculations and rates higher faster. The USD is holding bid, EM lost some of its luster along with gold while oil is higher as Iraq continues to play hardball with the Kurds over independence. The German ZEW was weaker than expected but hardly weak. The UK is holding tough as UK May had a constructive dinner with EU last night – holding out for hopes of a talks still while UK CPI was at 5 year highs and BOE testimony talks of a rate hike in November but not much more. The GBP does better than the EUR but the USD is back in the driving seat with the focus on rates. The only chart that matters today is going to be the 10Y to see if US can break out – but with IP and import prices the news agenda that may be hard to do. Jitters aren’t the same as panic and
the fear factors moving markets are just not in place to offset any of the other stories like 3Q earnings.
The Morning Track jitters-4
- The Morning Track - Jitters by Bob Savagehttp://track.com/articles/the-morning-track-jitters-4/
While Asian shares continue to trade near 10-year highs, Europe stalls with the news just not enough to make the mood upbeat as US talk of Trump supporting Taylor for FOMC Chair next drives everyone to Taylor rule calculations and rates higher faster. The USD is holding bid, EM lost some of its luster along with gold while oil is higher as Iraq continues to play hardball with the Kurds over independence. The German ZEW was weaker than expected but hardly weak. The UK is holding tough as UK May had a constructive dinner with EU last night – holding out for hopes of a talks still while UK CPI was at 5 year highs and BOE testimony talks of a rate hike in November but not much more. The GBP does better than the EUR but the USD is back in the driving seat with the focus on rates. The only chart that matters today is going to be the 10Y to see if US can break out – but with IP and import prices the news agenda that may be hard to do. Jitters aren’t the same as panic and
the fear factors moving markets are just not in place to offset any of the other stories like 3Q earnings.
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Robert Savage
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