Report
EUR 9.38
For Business Accounts Only
http://track.com/articles/the-morning-track-le-bon-temps-roule-2/
The rumble of rolling land led to a further slowing in the USD rally early with JPY and held the focus in Asia. Japan suffered a strong 7.4 quake near Fukushima and had tsunami warnings, latter downgraded, and so the USD comes back to near flat across most of the world. This left equity markets further room to run as the US breakout yesterday had legs globally today. The earthquake in markets isn’t from nature, rather its still about the man and that conflict plays on into the holiday week. Most investors are content to let cash dribble in and chase the trend in modest liquidity. There isn’t much news to matter overnight – its more interesting with comments from RBA and RBNZ. UK borrowing needs were lower as tax takes were higher, while central bankers sounded cautiously optimistic. The UK Autumn Budget is the next big deal for GBP but that seems less of a concern to “Brexit†still which dropped the GBP in a hurry this morning on Weber comments. The fiscal st
imulus risk in US and UK dominate trading over monetary policy. This highlights the point that Politics Trump Economics. A point that has been made throughout 2016. We are all still chasing trends over economics or value with the fear that the good times won’t yet roll. Watching GBP 1.24 as a pivot for lower and bigger USD moves something that just didn’t happen yet – with US bonds looking at 2.26% rather than 3.36% ahead of the data and auctions today.
The Morning Track le-bon-temps-roule-2
- The Morning Track – Le Bon Temps Roule by Bob Savagehttp://track.com/articles/the-morning-track-le-bon-temps-roule-2/
The rumble of rolling land led to a further slowing in the USD rally early with JPY and held the focus in Asia. Japan suffered a strong 7.4 quake near Fukushima and had tsunami warnings, latter downgraded, and so the USD comes back to near flat across most of the world. This left equity markets further room to run as the US breakout yesterday had legs globally today. The earthquake in markets isn’t from nature, rather its still about the man and that conflict plays on into the holiday week. Most investors are content to let cash dribble in and chase the trend in modest liquidity. There isn’t much news to matter overnight – its more interesting with comments from RBA and RBNZ. UK borrowing needs were lower as tax takes were higher, while central bankers sounded cautiously optimistic. The UK Autumn Budget is the next big deal for GBP but that seems less of a concern to “Brexit†still which dropped the GBP in a hurry this morning on Weber comments. The fiscal st
imulus risk in US and UK dominate trading over monetary policy. This highlights the point that Politics Trump Economics. A point that has been made throughout 2016. We are all still chasing trends over economics or value with the fear that the good times won’t yet roll. Watching GBP 1.24 as a pivot for lower and bigger USD moves something that just didn’t happen yet – with US bonds looking at 2.26% rather than 3.36% ahead of the data and auctions today.
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Robert Savage
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