Tuesday , January 19 2021
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Boris Schlossberg

Boris Schlossberg

Real time analysis of forex market from co founder of BKForex Tweets are commentary only.

Articles by Boris Schlossberg

Markets Quiet but Yield Pressures Weigh on Stimulus Prospect

5 days ago

Nasdaq relative weakness
FX flat
Nikkei 0.85% Dax 0.50%
UST 10Y 1.11
Oil $52
Gold $1854/oz.
BTCUSD $38000/oz.
Asia and the EU
EUR GDP -5%
US
USD Weekly Jobless Claims 8:30
A quiet and uneventful night in the markets so far with Nasdaq futures markedly lower than the other indices while FX remained range bound with little news flow to move prices.
The most pronounced divergence today is in equities with Nasdaq lower by 30 basis points while both S&P and smaller caps Russell indices were up. The trade may reflect the realignment from “High Tech” to “Main Street” as President Biden takes the reins of power.
The Biden Presidency is clearly focused on the revival of small and medium sized business as it deals with the economic fallout from COVID induced shutdowns. Biden’s new stimulus

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For Market Suddenly Inflation Matters

6 days ago

Equities wobble slightly in EU
FX subdued
Nikkei 1.04% Dax -0.12%
UST 10Y 1.11
Oil $53
Gold $1854/oz.
BTCUSD $35000/oz.
Asia and the EU
EUR EU IP 2.5% vs 0.2%
US
USD CPI 8:30
It’s been a subdued day in the markets with both FX and equities treading water in Asian and early European dealing but the tilt was towards risk off flows as the dollar gained marginally and equities drifted slightly lower.
There was little meaningful news flow in the day with just EU Industrial Production on the docket which beat significantly rising 2.5% versus 0.2% eyed. The EURUSD remained just below the 1.2200 figure while cable maintained its relentless bid rising to just whisker below the 1.3700 in late Asian session before selling off slightly. Markets continue to bet on quick vaccination and economic

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Pound Pops on No Negative Rate Comments

7 days ago

BoE’s Bailey – Negative rates “controversial”
US Futures stabilize
Nikkei 0.09% Dax 0.04%
UST 10Y 1.16
Oil $53
Gold $1860/oz.
BTCUSD $35000/oz.
Asia and the EU
No Data
US
USD JOLTS 10:00
USD Economic Optimism 10:00
Pound popped in morning London dealing after BoE Governor poured cold water on the notion of negative interest rates noting that the idea was “controversial”.
Mr. Bailey stated that no country has used negative rates in the retail end of the financial market and that the transmission of negative rates depends on the banking system Governor Bailey’s aversion to negative rates is consistent with the general attitude of all Anglo-Saxon economies policy makers who are reluctant to move in such direction given the very high percentage of mortgage holders in the population.

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Bitcoin Drops 20% as Markets Turn Risk Off

8 days ago

Bitcoin drops 20% before rebounding a bit
Risk FX, equities all lower
Nikkei 2.36% Dax -0.41%
UST 10Y 1.10
Oil $51.7
Gold $1848/oz.
BTCUSD $30949/oz.
Asia and the EU
AUD Retail Sales
US
No Data
Markets started the week with a decidedly risk off tone with both stock index futures and risk FX lower on the day, but the biggest loser by far was bitcoin which dropped nearly 20% at one point before rebounding.
The weekend gyrations in bitcoin took it down to the $30,000 level after the crypto asset hit a high of $42.000 just last week. The move was hardly surprising given the parabolic nature of the rise but correction may not last long as the new wave of investors will be emboldened to buy the dip especially if bitcoin drops back into the $20,000 range. Bitcoin’s wild swings have taught

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Deals Remain Elusive as Markets Await

December 18, 2020

Brexit deal elusive pound falls
Equities flat as US stimulus
Nikkei -0.16% Dax 0.25%
UST 10Y 0.93
Oil $48
Gold $1879/oz.
BTCUSD $23508/oz.
Asia and the EU
EUR IFO 92.1 vs. 90
US
CAD Retail Sales 8:30
Markets were generally quiet as the two big deals on both sides of the Atlantic remained elusive.
In Washington DC the prospects for a stimulus package remained strong, but lawmakers continued to negotiate without a firm deal yet. In Brussels the Brexit deal continued to be mired in obstacles surrounding fishing rights and officials were making anxious comments about being “far apart” which weighed on the pound in morning London dealing with the pair testing the 1.3500 level before bouncing a bit.
Overall sentiment remains positive on both fronts as markets believe all parties will

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Markets Bet on Deals; Risk On Dominates

December 17, 2020

Dollar down across the board
Equities higher in post Powell bump
Nikkei 0.18% Dax 0.62%
UST 10Y 0.92
Oil $48
Gold $1873/oz.
BTCUSD $22721/oz.
Asia and the EU
No data
US
GBP BOE 7:00
USD Weekly Jobless 8:30
USD Building Permits 8:30
The dollar remained weak in the post-Powell reaction while equities were higher in Asian and early European trade as risk on flows continued to dominate.
Chair Powell was as dovish as ever, noting that inflation was not a threat, that large fiscal deficits posed no problem given the low interest rates and that rates themselves were likely to remain near the zero bound for quite a long time.
Overall, it was a performance designed to reassure the markets that the Fed stood ready to support any and all expansion of the fiscal space as it maintained a policy

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EZ Data Beats Big; EURUSD Takes Out 1.2200; Is Risk Ready to Rumble?

December 16, 2020

Dollar down across the board
Equities remain bid on stimulus hopes
Nikkei 0.26% Dax 1.59%
UST 10Y 0.92
Oil $47
Gold $1861/oz.
BTCUSD $19688/oz.
Asia and the EU
EUR PMI 49.8 vs. 45.8
GBP PMI Services 57.9 vs. 55.9
US
CAD CPI 8:30
USD Retail Sales 8:30
USD FOMC 14:00
Risk flows were clearly in control of the markets in Asian and early European trade today with the dollar broadly weaker and equities higher as positive European data helped lift the EURUSD through the 1.2200 barrier.
EZ PMI printed far better than forecast with the composite number coming in at 49.8 versus 45.8 forecast within a whisker of the 50 boom/bust barrier level. According to Markit, “Eurozone business activity came close to stabilizing in December as stronger manufacturing output growth helped to counter a

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Stocks Bet on a Deal

December 15, 2020

Cable gives up the Sunday gap
Equities bet on stimulus
Nikkei -0.17% Dax 0.86%
UST 10Y 0.90
Oil $47
Gold $1846/oz.
BTCUSD $19197/oz.
Asia and the EU
EUR CPI -0.2% vs. -0.2%
US
USD IP 9:15
USD Economic Optimism 10:00
Equities were well bid in Asian and early European trade with stock index futures up by nearly 50 basis points as investors remained optimistic that some sort of fiscal stimulus package would be passed before Congress closes its session for holidays.
The compromise bill now put forth by a bipartisan panel of Senators separates the pure aid provisions from the two points of dispute – aid to states and COVID liability protection for corporations.
Although the current proposal is far more modest than the fiscal packages floated earlier in the year (at $700 Billion it is only

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Brexit Deal- To Be or Not to Be?

December 14, 2020

Cable up 1% off Brexit news
US lawmakers try to work a deal
Nikkei 0.30% Dax 0.93%
UST 10Y 0.91
Oil $46
Gold $1827/oz.
BTCUSD $19191/oz.
Asia and the EU
No Data
US
No Data
EU and UK negotiators continued to push on with Brexit negotiations even after last week’s failure to reach a deal and news of that helped fuel a rally in cable which barreled through the 1.3400 figure rising more than 100 pips in mid morning London dealing.
The EU and the UK negotiators appear to be down to the fisheries issue as the sole stumbling block to a comprehensive deal. Michel Barnier, the EU negotiator tweeted, “It is our responsibility to give the talks every chance of success. Never before has such a comprehensive agreement (trade, energy, fisheries, transport, police & judicial cooperation, etc.) been

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All Deals Off – Are Markets Way Too Complacent?

December 11, 2020

Brexit deal in jeopardy
US fiscal stimulus talks stalled
Nikkei -0,39% Dax -1.66%
UST 10Y 0.88
Oil $50
Gold $1830/oz.
BTCUSD $17754/oz.
Asia and the EU
No Data
US
USD PPI 8:30
Markets were in a dour mood on the last trading deal of the week with hope for deals squashed on both sides of the Atlantic as stock index futures were lower by 1% while the dollar firmed across the board but especially against the pound.
In Europe all indications are that the final round of Brexit talks are failing as both sides remain apart on key issues of regulatory uniformity and both PM Johson and President von der Leyen have started to prepare their respective constituents for a possible no deal break up.
Cable was off by more that 100 pips breaking below the 1.3200 figure but price action suggests that

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Can EURUSD Keep Its Peppy Ways from ECB?

December 10, 2020

Brexit still in talks
Equities firm up up on FDA hopes
Nikkei -0,23% Dax 0.17%
UST 10Y 0.93
Oil $46
Gold $1837/oz.
BTCUSD $18202/oz.
Asia and the EU
No Data
US
EUR ECB Presser 8:30
USD CPI 8:30
Markets were generally quiet in Asian and early European trade with equities slightly bid while FX was mixed with the dollar stronger against the yen and sterling but weaker against the euro.
The Brexit talks continued their endless conversation with both parties now pushing the deadline beyond Sunday, but the EU has already prepared a contingency document that would assure continuity in the basic services like transportation and aviation while maintaining the status quo on fisheries.
At this point the market is in a serious state of Brexit fatigue and it seems that any result regardless of

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Stimulus Deal Hopes Help Equities Higher; Will BOC Help the Loonie?

December 9, 2020

Brexit goes to dinner
Equities rise on stimulus deal hopes
Nikkei 1.33% Dax 0.79%
UST 10Y 0.93
Oil $46
Gold $1860/oz.
BTCUSD $18020/oz.
Asia and the EU
No Data
US
CAD BOC 10:00
Stock index futures were slightly higher with the “Main Street” indices of S&P and Dow outperforming the Nasdaq on hopes of a stimulus deal during the current lame duck session of Congress.
Markets were up about 30 basis points as optimism reigned, although the two parties still remained apart on the key provision of liability protection and it was far from certain that any deal would be done.
In the never ending Brexit saga Boris Johnson and EU President Ursula von der Layen are scheduled for a dinner meeting with investors hoping that the two could work out the final differences that separate them. Yesterday,

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Still No Deal in US or UK – Markets Wait Quietly

December 8, 2020

Brexit negotiations stuck
US budget and stimulus deals in limbo as well
Nikkei -0.30% Dax -0.19%
UST 10Y 0.93
Oil $46
Gold $1865/oz.
BTCUSD $18890/oz.
Asia and the EU
EUR ZEW -66.5 vs. -66
US
No Data
There has been no progress in either Brexit talks or on the US stimulus bill leaving markets moribund in Asian and early European trade as equities were mixed and currencies were as well.
The price action was muted across the board with stock index futures showing a schism as S&P and Russell were off by more than 30 basis points while Nasdaq held on to small gains. The high tech trade which may as well be called the work from home trade continues to perform much better than the “Main Street” trade in the equity market as traders await the stimulus bill that would help physical businesses

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Brexit Tension Tightens and Risk Takes a Tumble

December 7, 2020

Equities dip at start of week
Cable drops by more than 100 pips on Brexit tension
Nikkei -0.76% Dax -0.51%
UST 10Y 0.94
Oil $46
Gold $1830/oz.
BTCUSD $19257/oz.
Asia and the EU
No Data
US
No Data
Conflicting headlines on Brexit sent risk on a rollercoaster at the start of week’s trade with risk assets first rallying on start of Asia trade only to tumble into the European open.
The Brexit negotiations continue to hinge on the issues of fisheries and “level playing field” – a euphemism for preventing the UK from practicing regulatory arbitrage that would put European businesses at a disadvantage.
While most of the recent attention has focused on fish it is really the later issue that is the much more serious stumbling block. PM Johnson is adamant about preserving the spirit of Brexit

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Why a Weak NFP Would be the Most Bullish Thing Ever

December 4, 2020

Equities mildly bid
Dollar mixed
Nikkei -0.22% Dax -0.01%
UST 10Y 0.93
Oil $46
Gold $1838/oz.
BTCUSD $18962/oz.
Asia and the EU
UK PMI Construction 54.7
US
USD NFPs 8:30
CAD Employment
Ahead of jobs day in the US markets were calm with a slight risk on mood in equities while the dollar was mixed as it was flat against the yen and Swissie but continued to fall against the euro and cable.
There was little action in Asia and Europe with no fresh newsflow and traders were content to let the markets trade in narrow ranges as all eyes were on the US labor numbers with many participants wondering if the resurgence of COVID has started to curb demand employment once again.
The forecast for the economy to generate 469K jobs versus 639K the period prior but given the downward print in the APD

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Euro Takes out 1.2100 Brexit Still at Standstill

December 3, 2020

Euro takes out 1.2100
Stocks flat
Nikkei 0.03% Dax -0.56%
UST 10Y 0.93
Oil $44
Gold $1838/oz.
BTCUSD $19401/oz.
Asia and the EU
UK PMI Svc. 47.6 vs. 45.8
EUR Retail Sales 1.55 vs. 0.7%
US
USD Weekly Jobless Claims 8:30
USD ISM Non-Manufacturing 10:00
Equity markets were flat but held near record highs while the euro continued to power higher breaking the 1.2100 barrier as momentum flows continued to lift the single currency.
There was little fresh newsflow in overnight trade with Brexit talks still at standstill and the French threatening to veto any deal that would give up too much on fishery rights. While fish appear to be the main negotiating sticking point they are less than immaterial in the greater scheme of things and the far, far greater risk here is that the UK financial

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Brexit Talks in Crunch Time As Pound Wobbles and Euro Soars

December 2, 2020

Euro powers through 1.2050
Stocks flat
Nikkei 1.34% Dax -0.22%
UST 10Y 0.92
Oil $44
Gold $1824/oz.
BTCUSD $19056/oz.
Asia and the EU
EUR PPI 0.4%
US
USD ADP 8:15
Equities were flat but FX was lively as Brexit negotiations started to enter their final round with pound and euro going their separate ways.
Stock index futures were listless in Asian and early European trade albeit near record highs as investors waited for any possible fiscal stimulus action in the lameduck session of Congress. On the calendar today the market will get a glimpse of the ADP employment report and market participants will be keen to see just how badly the second wave of the virus has affected economic activity. The forecast is actually for a better print of 410K new jobs created versus 365K the month prior.

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Dollar Stays Weak, Equities Mixed on Big Week Ahead

November 30, 2020

Equities give up gains
CNY data at multi year highs
Nikkei -0.79% Dax 0.18%
UST 10Y 0.84
Oil $44
Gold $1775/oz.
BTCUSD $8407/oz.
Asia and the EU
CNY PMI 56.4
EUR HICP -0.9%
US
USD Chicago PMI 9:45
USD Pending Home Sales 10:00
Equities opened stronger but gave up their gains in early European trade while the dollar remained weak across the board as markets geared up for a full week of data while the COVID pandemic showed no signs of slowdown in the US.
Stock index futures were mixed with S&P down about 36 basis points while Nasdaq was essentially flat. Equity investors remained optimistic about the prospect of a vaccine but the upside momentum has clearly slowed as sentiment has become skewed to the upside and traders will likely start to take their cues from the economic data this

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Stocks Rally on Lowering of Political Risk

November 24, 2020

Modest risk on
IFO bears to teh upside
Nikkei 2.50% Dax 0.85%
UST 10Y 0.85
Oil $43
Gold $1822/oz.
BTCUSD $18775/oz.
Asia and the EU
EUR IFO 90
US
No Data
The formal announcement that the GSA will release transition funds to the incoming Biden administration helped calm the markets and caused a small rally in Asian and early European trade as the risk of a political standoff receded.
Faced with contempt of Congress and possible jail time the GSA Administrator Emily Murphy formally released the transition funds to President-elect Biden effectively conceding that he unequivocally won the 2020 election. Trump’s continued attempts at subverting the democratic norms of the nation failed once again yesterday when Michigan certified the results and the GSA action, as grudging as it was in

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Pound Leads the Way on Brexit Deal Hopes

November 23, 2020

Risk on to start the week
Cable leads higher on Brexit talks progress
Nikkei -0.42% Dax 0.86%
UST 10Y 0.85
Oil $43
Gold $1869/oz.
BTCUSD $18595/oz.
Asia and the EU
EUR PMI Composite 45.1 vs 45.8
GBP PMI Man 55.2
GBP PMI Svs 45.8
US
No Data
A clear risk on bid to the start of week’s trade with equity markets higher by 60 basis points while the dollar was lower across the board but especially so against sterling on renewed optimism over Brexit deal.
Investors were in a clear upbeat mood on further good news on the vaccine front as AstroZenica now also announced promising results that suggested 90% efficacy if the two-dose protocol was followed. The AstraZeneca vaccine also enjoyed the advantage of needing only regular refrigeration in order to be administered and therefore could be a

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Markets Steady But Profit Taking Looms

November 20, 2020

Equity Markets flat
Cable slightly higher on Brexit talks progress
Nikkei -0.42% Dax 0.19%
UST 10Y 0.83
Oil $42.0
Gold $1867/oz.
BTCUSD $18243/oz.
Asia and the EU
EUR Industrial Sales -3.2%
US
CAD Retail Sales 8:30
It’s been a very quiet night of trade with equity markets essentially flat and currencies as well as investors played a tug of war between the worsening COVID statistics and the encouraging news on the vaccine front.
US Health Secretary Alex Azar noted that Pfizer and BioNTech are expected to file an emergency use authorization on Friday indicating approval is progressing quickly as governments rush to put the vaccine in production.
Meanwhile, COVID cases continue to rise markedly with the US reporting its highest daily reading ever at 185,000 cases and nearly 2,000

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Stocks Start to Slide as Virus Fears Weigh

November 19, 2020

Equities drift lower
Euro steady but EU battle rages
Nikkei -0.37% Dax -1.04%
UST 10Y 0.85
Oil $41.19
Gold $1858/oz.
BTCUSD $17391/oz.
Asia and the EU
No Data
US
USD Weekly jobless 8:30
USD Philly Fed 8:30
CAD ADP Employment 8:30
Equity markets were lower in Asian and early European trade as COVID fears once again weighed on investor sentiment.
With coronavirus infections showing no signs of slowing many medical systems in the US and Europe are coming under unsustainable stress forcing governments in those regions to consider further lockdown measures. Even without formal lockdown measures mobility data suggests that consumers are retreating again and anecdotal data indicates that hoarding of staples in the US is once again becoming a problem on the supply chain.
All of this suggests

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Equities Hold Bid; Dollar Remains Weak

November 18, 2020

Markest edge higher
Dollar remains weak
Nikkei -1.10% Dax 0.26%
UST 10Y 0.86
Oil $41.88
Gold $1879/oz.
BTCUSD $8000/oz.
Asia and the EU
EUR CPI 0.2%
US
USD Housing Permits 8:30
CAD CPI 8:30
Markets saw a slight risk-on bid as the night progressed in early European trade with stock indices higher by about 20 basis points while the dollar remained weak across the board.
There was no fresh newsflow as markets grappled with familiar themes of Brexit negotiations, rising COVID counts, and the need for more fiscal stimulus across the G-3 universe.
To that end, the prospects of stimulus dimmed a bit on both sides of the Atlantic as Hungary and Poland vetoed the proposed EU rescue package over contract language that demanded adherence to the rule of law while in the US the chance of a

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Will US Retail Sales Help the Equity Market?

November 17, 2020

Nasdaq leads equities slightly higher
Dollar weaker across the board
Nikkei 0.42% Dax -0.16%
UST 10Y 0.89
Oil $41.22
Gold $1889/oz.
BTCUSD $16714/oz.
Asia and the EU
No Data
US
USD US Retail Sales 8:30
Equity markets were mixed while the dollar was lower across the board as a mild risk-off tone dominated markets in a generally quiet Asian and early European session.
There was little fresh news in overnight trade so Asian markets followed through on positive sentiment from the Moderna vaccine but the move was very modest as investors have clearly tempered their expectations regarding the rollout and broad acceptance of the product.
In the meantime, much of the OECD world is operating at limited capacity as many regions remain ravaged by the coronavirus and are in some forms of limited

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Equities Pop to Start the Week

November 16, 2020

Equities rally to start the week
Pound fades
Nikkei 2.05% Dax 0.65%
UST 10Y 0.88
Oil $40.90
Gold $1893/oz.
BTCUSD $16320/oz.
Asia and the EU
CNY IP 6.9% vs. 6.5%
CNY Retail Sales 4.3% vs. 5.0%
North America Open
USD Empire Manufacturing 8:30
Equity markets were higher at the start of the week with Asia leading the way in the wake of a historic trade agreement in the region that boosted investor spirits.
China and 14 other Asian-Pacific countries signed one of the largest trade agreements ever facilitating commerce in the fastest-growing region of the world. The news was greeted warmly by capital markets with Nikkei jumping full 2% higher on investor enthusiasm.
The positive mood held despite the softer than expected data out of China with Retail Sales coming in at 4.3% vs. 5.0% eyed

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Market Rally as Political Risk Recedes

November 13, 2020

Equities rebound
Dollar slightly offered
Nikkei -0.53% Dax 0.31%
UST 10Y 0.88
Oil $40.57
Gold $1879/oz.
BTCUSD $16351/oz.
Asia and the EU
EUR HICP -0.9% vs -1.0%
EUR GDP -3.3% vs. -4.3%
North America Open
USD PPI 8:30
USD U of M 10:00
The markets resumed their risk-on tone in Asian and early European trade as stock index futures rose by 80 basis points and the dollar was slightly weaker across the board.
The move occurred despite the rising number of coronavirus cases and deaths in both Europe and the US that may prompt many OECD countries to impose partial lockdowns once again. The US reported a record-shattering 150,000 number of cases and experts project that given the trajectory of infections the US may be on pace of 200,000 daily cases and 2000 deaths per day by Thanksgiving.

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Work From Home Trade Rebounds

November 12, 2020

Equities find a slight bid
UK GDP misses
Nikkei 0.68% Dax -0.56%
UST 10Y 0.94
Oil $41.42
Gold $1870/oz.
BTCUSD $16058/oz.
Asia and the EU
GBP UK GDP 1.1% vs. 1.5%
North America Open
USD Weekly jobless 8:30
USD CPI 8:30
It’s been a quiet listless session of trade in Asian and early European dealing with equities mixed and the dollar slightly lower with little fresh newsflow to move markets one way or the other.
In equity markets, the growth trade was back as Nasdaq handily outperformed the S&P with futures up by 50 basis points while the broader S&P was lower by 15 basis points. The move suggests that some of the enthusiasm for the “return to normal” sparked by positive vaccine news may be waning as traders begin to realize that it may be at least 2 quarters at the very least before a

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Is NZDUSD The Best Risk On Play in FX?

November 11, 2020

Equities firmer on the day
RBNZ keeps rates steady
Nikkei 1.78% Dax 0.40%
UST 10Y 0.98
Oil $42.71
Gold $1879/oz.
BTCUSD $15421/oz.
Asia and the EU
RBNZ on hold
North America Open
No Data
It’s been a relatively quiet uneventful session in Asian and early European trade with equities firmer but FX flat as many markets had bank holidays due to Armistice Day.
Stock index futures were higher by 1% but the continuing insistence by Trump that the election was a fraud and his refusal to enact a peaceful transfer of power is a risk that the market may be sorely underpricing.
So far markets have followed the stoic amusement of President-elect Biden who has generally ignored the noise from the White House and has proceeded to move ahead with the transition plans. But Trump has already caused

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Will Trump’s Refusal to Concede Cause a Market Selloff?

November 10, 2020

Growth falls value rises
Cable hits 1.3200
Nikkei 0.26% Dax 0.24%
UST 10Y 0.93
Oil $40.75
Gold $1886/oz.
BTCUSD $15435/oz.
Asia and the EU
GBP UK Claimant Count
EUR ZEW -64.3 vs. -65
North America Open
No Data
The brutal unwind in momentum continued today with Nasdaq futures down by nearly 1% today while the Russell 2000 which represents small-cap value plays was up by 2%.
This was the second day in a row that the spread between momentum and value has widened significantly as investors continued to rotate out of the darling Work-From-Home plays into the beaten up “real economy” stocks that have gotten a bid after yesterday’s announcement from Pfizer on the progress made in the COVID vaccine.
The markets are clearly giddy about the prospect of a return back to normal, but experts

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World Equities Hit Record High on Biden Bounce

November 9, 2020

Equities up by more than 1.5%
Dollar mildly bid
Nikkei 2.12% Dax 1.86%
UST 10Y 0.805
Oil $38
Gold $1957/oz.
BTCUSD $15469/oz.
Asia and the EU
No Data
North America Open
No Data
Global equities staged a massive relief rally in the wake of Joe Biden’s victory for the Presidency of the United States with the MSCI world index hitting record highs.
Stock index futures were higher by more than 1.5% while the dollar was mildly bid with FX generally quiet.
The key market focus was on equities as inventors appeared to be relieved to see a definitive outcome in the US Presidential election which remained uncalled for nearly four days after the votes were cast. With votes in four battleground states now showing a Biden lead of 0.5% or more the media outlets finally projected that he would be

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