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EUR 8.84
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http://track.com/articles/the-morning-track-reacting/
The main focus overnight was on the US data ahead and the echoes of ECB Draghi policy shift fears – stocked by the WSJ article on his Jackson Hole Speech in August. Those risks weren’t enough to make fear beat greed today. The relative dovish Yellen testimony was also still ringing in the ears of investors leaving bonds bid, stocks bid, the USD lower, carry trades higher. JPY is still the key focus for risk barometers even as EUR/CHF breaks to new highs as the EUR remain stalwart and bid over 1.1380 still. The CPI today in the US maybe the central piece of data for the week as it is seen as key for whether the FOMC normalizes rates in September or December or both. The risk of a weaker print maybe the death blow for the USD finding a bottom this week. Other trades will follow as the entire return for the week has been a significant flip from unwinding risk-parity trades to re-embracing them. Emerging Markets have led the way from Brazil to South Africa. Nothing muc
h happened overnight in prices other than that stretch with focus on Australia leading the G7 in gains. The only issue is the JPY and its relationship with US rates. As the reaction function of markets maybe faster than the reaction of central bankers – with 113 a pivot for 111.80 again.
The Morning Track reacting
- The Morning Track – Reacting by Bob Savagehttp://track.com/articles/the-morning-track-reacting/
The main focus overnight was on the US data ahead and the echoes of ECB Draghi policy shift fears – stocked by the WSJ article on his Jackson Hole Speech in August. Those risks weren’t enough to make fear beat greed today. The relative dovish Yellen testimony was also still ringing in the ears of investors leaving bonds bid, stocks bid, the USD lower, carry trades higher. JPY is still the key focus for risk barometers even as EUR/CHF breaks to new highs as the EUR remain stalwart and bid over 1.1380 still. The CPI today in the US maybe the central piece of data for the week as it is seen as key for whether the FOMC normalizes rates in September or December or both. The risk of a weaker print maybe the death blow for the USD finding a bottom this week. Other trades will follow as the entire return for the week has been a significant flip from unwinding risk-parity trades to re-embracing them. Emerging Markets have led the way from Brazil to South Africa. Nothing muc
h happened overnight in prices other than that stretch with focus on Australia leading the G7 in gains. The only issue is the JPY and its relationship with US rates. As the reaction function of markets maybe faster than the reaction of central bankers – with 113 a pivot for 111.80 again.
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Robert Savage
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