Report
EUR 8.84
For Business Accounts Only
http://track.com/articles/the-morning-track-primes/
This is a weak version of singles day when math geeks and Amazon lovers celebrate 7-11. The problem for markets is that this isn’t news and given the dearth of other economic data, the only thing to talk about is price action. Oil has suffered another reversal day - Asia bounced in anticipation of US draw downs in oil and gasoline inventories post the July 4th holiday and Europe sold as the OPEC reality of production caps fails. The bond selling trends have returned and the pain trade in all positions follows. Markets are looking for an excuse to trade away risks – with GBP/JPY higher on the day not a comfort for carry trades but rather seen as noise in marginal central bank watching. The BOJ vs BOE vs. the FOMC vs ECB. We remain in a world that watches the news and responds to the central bankers. But event that certainty is in play, the EUR/USD is the risk barometer for that trade and its getting close to a larger washout moment. We are all looking for unique
alpha – like searching for prime numbers – its easy up to 100 and hard when you get over 1,000,000.
The Morning Track primes
- The Morning Track - Primes by Bob Savagehttp://track.com/articles/the-morning-track-primes/
This is a weak version of singles day when math geeks and Amazon lovers celebrate 7-11. The problem for markets is that this isn’t news and given the dearth of other economic data, the only thing to talk about is price action. Oil has suffered another reversal day - Asia bounced in anticipation of US draw downs in oil and gasoline inventories post the July 4th holiday and Europe sold as the OPEC reality of production caps fails. The bond selling trends have returned and the pain trade in all positions follows. Markets are looking for an excuse to trade away risks – with GBP/JPY higher on the day not a comfort for carry trades but rather seen as noise in marginal central bank watching. The BOJ vs BOE vs. the FOMC vs ECB. We remain in a world that watches the news and responds to the central bankers. But event that certainty is in play, the EUR/USD is the risk barometer for that trade and its getting close to a larger washout moment. We are all looking for unique
alpha – like searching for prime numbers – its easy up to 100 and hard when you get over 1,000,000.
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Track
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Robert Savage
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