Dear lord: the pressure on the dollar is unrelenting.
It looks like no one wants to be the idiot that’s long USD headed into a weekend that could see a catastrophic hurricane strike on Florida and another ICBM launch for North Korea.Â
Dear lord: the pressure on the dollar is unrelenting.
It looks like no one wants to be the idiot that’s long USD headed into a weekend that could see a catastrophic hurricane strike on Florida and another ICBM launch for North Korea.Â
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“The extremely bearish USD sentiment spilled over to the yuan market, and fixing failed to cool down bullish sentiment,” Ken Cheung, a senior currency strategist at Mizuho Bank in Hong Kong notes, adding that “heading to the weekend, risk-off sentiment due to the foundation day of North Korea also raised safe-haven demand for the yuan.”
Global central banks certainly haven’t succeeded in creating the type of robust recovery they ostensibly
“Ah, dogs and cats living together”…
“I’m talking – obviously, about Gary Cohn and some other people. That if you don’t like what he’s doing and you don’t agree with it, you have an obligation to resign.”
“I couldn’t agree more. I think Trump staring at the Solar eclipse was the bottom for his Presidency. After that, it’s all uphill. Seriously, there is so little expected of him, he is bound to outperform.”
Just one more day of this before the weekend, when we’ll all get to put up the plywood and hide in the basement as Irma turns Florida into Atlantis and Kim turns Tokyo into Dresden…
And to the extent the fate of Harvey victims and markets were subjugated in his mind to his own approval ratings, the interests of his party were simply pushed aside altogether. Which apparently surprised a lot of Conservatives although I’m not sure why. Was anyone in the GOP really under the impression that Donald Trump cares one way or another about conservatism? Give me a break.Â
“The trouble is that as best as one can glean from what is out there, the tax legislation the Trump administration is working towards is more opposed to, than in line with, the spirit of the 1986 act.”
“That nonfinancial debt is near all-time highs as the capex share of GDP approaches 45- year lows suggests that the “Bubbles” music is playing, even if the Fed and other central banks cannot hear it.”
“My parents enlisted in World War II to fight fascism. They both served; my mother was a nurse, my father navigated bombers. They lost friends in that bloody war so that all the world could be free of fascism. They did not fight so that some white people could claim supremacy or that Nazis could openly walk the streets of America.”
“Hope” meets reality, where “reality” means hurricanes, missiles, recalcitrant lawmakers, Fed indeterminacy, and on, and on…
“There was a lot of market-moving news yesterday. More to come. Unfortunately for traders, the two items with the biggest potential lasting effects are virtually impossible to handicap. And to make matters worse, we won’t know their punch-line until the weekend: when markets are closed for business.”
“At the same time, the recent volatility in the exchange rate represents a source of uncertainty which requires monitoring with regard to its possible implications for the medium-term outlook for price stability.”
So as Bloomberg notes, markets were “slightly disjointed overnight with various factors driving individual assets,” but you do want to keep an eye on the dollar here because it looks like the Cohn news combined with Stanley Fischer’s resignation is weighing on the greenback.
“Krona has appreciated faster than in [our] July forecast and while it’s reasonable to expect krona to appreciate due to the strong economy, it’s important that it doesn’t strengthen too rapidly,” Ingves said at the press conference, before stating the obvious as follows: “There are risks if Riksbank makes policy less expansionary before other, larger central banks.”
But you’ve got to think Mario Draghi isn’t looking forward to Thursday’s presser.
Although no one expected any actual change to policy rates or the APP, markets are expecting quite a lot in terms of outright jawboning, telepathy, side-eyes, winks, nods, or really anything at all to suggest that the ECB is going to try and keep a lid on euro strength and/or is prepping an exit plan from stimulus.
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The other possibility here is that by persisting in this, we’re exhausting our capacity to respond to future crises. Of course, if one waits around long enough, another crisis is bound to occur. When that happens not only will we be short on ammunition (e.g. if the next crisis started tomorrow, we’d be going into it from ZIRP/NIRP and with already bloated CB balance sheets), we’ll also be approaching it from nosebleed levels thanks largely to the fact that we never exited the state of exception instituted to cope with the previous crisis.
If it’s not one thing, it’s another with this administration. We’ve been saying since the very beginning that although you are of course free to go down with the ship, you should not delude yourself into thinking this ship isn’t sinking.
“President Donald Trump is unlikely to nominate Gary Cohn, his top economic adviser, as the next Federal Reserve chairman, indicating that he is open to considering additional names for a pick he has said he would like to make by year’s end, according to people familiar with the president’s thinking.”
“As a negotiating strategy, Trump’s approach is utterly unsuited to the North Korean crisis. For one, it’s almost certain to fail.”
Seemingly unwilling to risk any further damage to his already low approval ratings, Trump ultimately
“When you see the waft of ICO’s (Initial Coin Offerings) hitting the market, you have to ask yourself what these “investors†are smoking. Let’s put aside whether bitcoin, ethereum, or some other transactional coin, ends up being a medium of exchange with real value. Instead let’s focus on these ICO’s.”
It looks like the Trump administration is going to push the “nuclear” option re: North Korea.
No, not that nuclear option.
DEMOCRATS, TRUMP AGREE TO DEBT LIMIT EXTENSION
TRUMP, CONGRESSIONAL LEADERS AGREED ON HARVEY, DEBT LIMIT, CR
SCHUMER, PELOSI: GOVT FUNDING, DEBT LIMIT EXTENSION TO DEC. 15
TRUMP, CONGRESS AGREE ON HARVEY AID, DEBT LIMIT, CR THRU DEC.15
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