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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

Equities Rise, Silver Soars, Euro Dips as Week Begins

February 1, 2021

Risk on flows in stocks
Silver hits $30 for first time since 2013
Nikkei 1.55% DAX 0.95%
UST 10Y 1.08%
Oil $52.8
Gold $1861/oz.
BTCUSD $34379/oz.
Asia and the EU
GBP UK PMI Manufacturing 54.1 vs. 52.9
North America
USD ISM Manufacturing 10:00
Equities were well bid in Asian and early European trade, staging a strong turnaround from the open when they fell on further market structure concerns as the Reddit rally is select highly shorted stocks continued unabated.
GameStop was up another 6% in pre-market dealing but the frenetic pace and the near universal attention to the names has started to cool off as markets began to focus on stories elsewhere.
One asset that has seen a big jump at the start of week’s trade is silver which popped nearly 10% to briefly touch the $30/oz. level for

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Markets Show Signs of Stress As Investors Question System Stability

January 29, 2021

Risk off flows unwind yesterday’s gains
US Consumer data on tap
Nikkei -1.89% DAX -0.95%
UST 10Y 1.07%
Oil $52.8
Gold $1857/oz.
BTCUSD $36761/oz.
Asia and the EU
EUR GDP – 2.9% vs. -3.4%
North America
USD PCE 8:30
USD U of M 10:00
USD Pending Homes 10:00
It’s been a night of relentless selling in Asian and early European trade with stock index futures unwinding most of yesterday’s gains as signs of stress started to appear across the asset spectrum.
This was the first day in quite a long time that stocks declined and bond yields rose suggesting that investors are becoming concerned about the prospect of systemic risk. The wild gyrations in short squeeze stocks have created a slew of clearing problems with Robin Hood having to do an emergency raise of 1B dollars in order to maintain

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Markets Seesaw on r/WSB Volatility – GDP Ahead

January 28, 2021

Risk off flows resume
US GDP on tap
Nikkei -1.53% DAX -1.40%
UST 10Y 1.0%
Oil $52.8
Gold $1842/oz.
BTCUSD $3468/oz.
Asia and the EU
EUR Con. Confidence -15.5
North America
USD GDP 8:30
USD Weekly Jobless 8:30
Equity markets went on a wild ride in Asian and early European trade today with Nasdaq futures seesawing by more than 1% as traders became concerned about structural stability and possibly regulatory attention over the massive volatility incurred in stocks such as Game Stop.
Game Stop was down more than 67 dollar in post market trade after Reddit announced that it will now close off the wallstreetbets subreddit to further members citing volume concerns. The r/wsb channel has been instrumental in orchestrating massie short squeeze raids on some of the fundamentally weakest, most

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Risk Off Ahead of Fed

January 27, 2021

Euro lower on ECB comments
Stocks retreat
Nikkei 0.315 DAX -1.38%
UST 10Y 1.03
Oil $52.8
Gold $1840/oz.
BTCUSD $3122/oz.
Asia and the EU
No Data
North America
USD FOMC 14:00
Equities started to sell off ahead of the North American open despite blockbuster earnings by Microsoft which suggested that the tech leaders continue to see growth despite the pandemic. In FX euro sold off on exchange rate comments by the ECB and the overall tone of the markets was decidedly risk off ahead of the FOMC meeting later today.
Stock index futures turned read with S&P 500 down nearly 1% as profit taking kicked in. One side story that may have triggered liquidation flows was a report by CNBC that Melvin Capital – a multibillion dollar hedge fund- closed out its short of Gamestop which has become a

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All Eyes on High Tech Earnings

January 26, 2021

Nasdaq leads futs higher
UK Labor data in line
Nikkei -0.96% Dax 1.43%
UST 10Y 1.04
Oil $52.8
Gold $1854/oz.
BTCUSD $31600/oz.
Asia and the EU
UK GBP Average Earnings 3.6% vs. 3.2%
North America
USD Consumer Confidence 10:00
Equities were well bid in early European trade with Dax rising by more than 1.4% while Nasdaq futures recovered off earlier Asian session lows to trade just slightly below yesterday’s New York close as investors prepared for a slew of earnings from high tech giants.
Today the earnings week kicks off with Microsoft and markets will be keen to hear forward guidance from the company when it releases earnings after the close. The focus in Nasdaq names will be solely on topline growth. Investors will be far more forgiving of any earnings misses as long revenue growth

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IFO Trips Up Euro But Equities Hit All Time Highs

January 25, 2021

IFO misses as lockdowns bite
Equities at fresh highs
Nikkei 0.67% Dax 0.02%
UST 10Y 1.08
Oil $52.8
Gold $1855/oz.
BTCUSD $33251/oz.
Asia and the EU
EUR EU IFO 90.1 vs. 98.1
US
No Data
The Euro was hit by unexpectedly weak IFO readings while equity futures opened the week strongly running to fresh all time highs before pausing in morning European trade.
The IFO reading came in at 90.1 versus 91.8 eyed, sending EURUSD lower by 40 pips as traders became concerned that the region now faces the risk of a double dip recession due to lockdowns. According to IFO economist Klaus Wohlrabe retail demand has collapsed due to fresh restrictions as COVID cases have climbed with the services sector also feeling the pain as transport and logistics firms have suffered significant business declines.

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Euro Pops But Stocks Drop – Rally Done?

January 22, 2021

EU PMIs improve
Equities subdued as profit taking kicks in
Nikkei -0.44% Dax -0.76%
UST 10Y 1.09
Oil $52.8
Gold $1862/oz.
BTCUSD $30947/oz.
Asia and the EU
GBP UK Retail Sales 0.4% vs. 0.8%
EU PMI 50.8 vs 50.3
US
USD Markit PMI 9:45
USD Existing Homes 10:00
Euro popped in morning European trade today rising towards the 1.2200 figure after the region reported slightly better than expected PMI readings with manufacturing recording notably stronger results. Equities on the other hand retreated taking a pause after setting fresh record highs as profit taking kicked in ahead of the weekend.
In Europe the flash PMI reading came in a tad weaker at 47.5 vs. 47.6 eyed but the composite numbers masked the big divergence between services – which remain mired in contraction due to COVID

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ECB on Tap – Will Euro Pop or Drop?

January 21, 2021

ECB on tap
Risk flows remain positive
Nikkei 0.82% Dax 0.41%
UST 10Y 1.08
Oil $52.8
Gold $1870/oz.
BTCUSD $32250/oz.
Asia and the EU
No Data
US
EUR ECB 8:30
CAD ADP 8:30
USD Weekly Jobless Claims 8:30
It’s been a generally quiet night of trade in Asian and early European dealing marked by continued risk on tones in the wake of a smooth inauguration of Joe Biden.
Equities remain well bid but were off their session highs and with stocks having rallied so hard and so fast some profit taking may be due today especially if US data continues to show some weakness as the new more virulent strain of COVID continues to spread throughout the country stretching medical systems to their limit.
The early morning focus however will be in FX as the ECB conducts its month rate announcement and

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The Two Policy Initiatives From Biden That Need to Come True in Order for Rally To Continue

January 20, 2021

Equities green risk FX mixed
UK CPI muted
Nikkei -0.28% Dax 0.53%
UST 10Y 1.09
Oil $53.50
Gold $1856/oz.
BTCUSD $34501/oz.
Asia and the EU
EUR CPI
US
CAD CPI 8:30
CAD BOC 10:00
Markets were mildly bid in quiet trading ahead of President-elect Joe Biden’s inauguration ceremony today.
The overall tone remains risk-on with traders hoping that the first one hundred days of Biden’s Presidency will yield tangible results on both the vaccination and stimulus fronts. President has his job cut out for him as the outgoing Trump administration has come woefully short of the vaccination goals and the whole program will require massive federal support and coordination in order to ensure rapid deployment.
Biden has set the target of 100 million vaccinations in the first hundred days which would be

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Ahead of Yellen – Mood is Back to Risk On.

January 19, 2021

All markets green across the board
Yellen confirmation on deck today
Nikkei 1.39% Dax 0.32%
UST 10Y 1.10
Oil $52
Gold $1843/oz.
BTCUSD $37000/oz.
Asia and the EU
EUR ZEW -66.4 vs. -68.5
US
CAD Wholesale Sales 8:30
USD Yellen confirmation
It’s green across the board in both FX and equity markets today with mood clearly tilted to risk-on ahead of Janet Yellen’s confirmation hearings on Capitol Hill.
On the first full day of global trade with US markets back to business after yesterday’s MLK holiday investors were clearly upbeat about the prospect of President elect Biden’s 1.9 trillion dollar stimulus proposal.
Ms. Yellen who returns to government as Treasury Secretary after a stint as Fed chief is expected to have a very smooth confirmation hearing in which she is likely to encourage

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Markets Tread Water – All the Good News Baked In?

January 15, 2021

Equities and FX flat
US Retail Sales on tap
Nikkei -0.62% Dax -0.39%
UST 10Y 1.11
Oil $52
Gold $1854/oz.
BTCUSD $38000/oz.
Asia and the EU
No Data
US
USD US Retail Sales 8:30
USD PPI 8:30
It’s been a quiet night of trade in both FX and equities with markets range bound for most of Asian and early European trade in the wake of President Biden’s stimulus announcement plan.
The price action has all the feel of sell-the-news dynamic as risk assets rallied strongly in anticipation of the news and now appear to have stalled as traders look for fresh catalysts to drive price action.
The eco calendar today carries US Retail Sales and PPI data. Markets are looking for a rebound in the control group to 0.2% from -0.5% the period prior. Retail sales have missed forecasts for the last 3 out of 4

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Markets Quiet but Yield Pressures Weigh on Stimulus Prospect

January 14, 2021

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

January 13, 2021

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

January 12, 2021

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

January 11, 2021

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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