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EUR 9.28
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http://track.com/articles/the-morning-track-monday-blues-2/
The Monday morning blues are likely hitting many in the US after the Easter Holiday and as the reality of a European Holiday holds making markets less liquid and news less pronounced. The news flight is light but still important with 1Q China GDP and other data all notably better but authorities downplay the strength warning of geopolitical risks. This started with a Sunday failed missile launch in North Korea. Continued with Vice President Pence in Korea talking about losing patience and followed by China urging talks. The Turkish referendum changing its constitution for even more Erdogan power added to the sense that the world trend towards peace, free markets and democracy has all changed. The vote is clearly controversial but the TRY gains 2% on the news to 3.63 despite it all. The key driver overnight is US rates with 10Y dropping to 2.20% 5-month lows on its way to test the 200-day at 2.046%. This drives the USD lower, move Gold higher and doesn’t quite help s
tocks as the mood remains risk-off and worried in thin holiday markets still. By definition we are watching a market stuck in a Monday Morning Funk even as there is real positives on the global growth front from China and hope for more coordination on policy ahead.
The Morning Track monday-blues-2
- The Morning Track – Monday Blues by Bob Savagehttp://track.com/articles/the-morning-track-monday-blues-2/
The Monday morning blues are likely hitting many in the US after the Easter Holiday and as the reality of a European Holiday holds making markets less liquid and news less pronounced. The news flight is light but still important with 1Q China GDP and other data all notably better but authorities downplay the strength warning of geopolitical risks. This started with a Sunday failed missile launch in North Korea. Continued with Vice President Pence in Korea talking about losing patience and followed by China urging talks. The Turkish referendum changing its constitution for even more Erdogan power added to the sense that the world trend towards peace, free markets and democracy has all changed. The vote is clearly controversial but the TRY gains 2% on the news to 3.63 despite it all. The key driver overnight is US rates with 10Y dropping to 2.20% 5-month lows on its way to test the 200-day at 2.046%. This drives the USD lower, move Gold higher and doesn’t quite help s
tocks as the mood remains risk-off and worried in thin holiday markets still. By definition we are watching a market stuck in a Monday Morning Funk even as there is real positives on the global growth front from China and hope for more coordination on policy ahead.
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Robert Savage
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