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/articles/the-morning-track-stability-2/
Waiting for Powell speech and more economic data. That is the excuse for the present stability where equities are bid, the USD holds near its 2018 highs and the oil market is wobbly waiting for US inventories. The bigger wait is for the Trump/Xi Saturday dinner with expectations for failure remaining high on the quick end to a prolonged trade war. On the other side of politics, UK May has won a bit of hope today as she allows for the Brexit deal to go to a vote in parliament with amendments and so potentially winning over some doubters, but also risking another referendum or impossible calls for a different deal. Italy is still talking with the EU officials about its budget and the Ukraine/Russia cold war continues but with less hand-wringing from Europe. There is a gloomy stability in today’s rally back in risk and one that seems to latch onto the hope that FOMC Chair Powell can somehow talk down his hiking plans without seemingly bowing to President Trump. There is pl
enty of rate noise potential in markets but the front-line of this stability comes from the USD where the 97.60 level looks as important as the 96.50 one does. This should help measure Powell and the stability of the market going into month-end.
The Morning Track stability-2
- The Morning Track – Stability? by Bob Savage/articles/the-morning-track-stability-2/
Waiting for Powell speech and more economic data. That is the excuse for the present stability where equities are bid, the USD holds near its 2018 highs and the oil market is wobbly waiting for US inventories. The bigger wait is for the Trump/Xi Saturday dinner with expectations for failure remaining high on the quick end to a prolonged trade war. On the other side of politics, UK May has won a bit of hope today as she allows for the Brexit deal to go to a vote in parliament with amendments and so potentially winning over some doubters, but also risking another referendum or impossible calls for a different deal. Italy is still talking with the EU officials about its budget and the Ukraine/Russia cold war continues but with less hand-wringing from Europe. There is a gloomy stability in today’s rally back in risk and one that seems to latch onto the hope that FOMC Chair Powell can somehow talk down his hiking plans without seemingly bowing to President Trump. There is pl
enty of rate noise potential in markets but the front-line of this stability comes from the USD where the 97.60 level looks as important as the 96.50 one does. This should help measure Powell and the stability of the market going into month-end.
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Robert Savage
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