Thursday, bloody Thursday.
There will be blood.
“…most likely you will get some Swiss franc support on the back of those results.”
This week’s market-moving events are likely to be unscheduled. Remember, Irma is still a catastrophic natural disaster even if it didn’t quite turn into a scene out of a bad Jake Gyllenhaal movie. And as the above mentioned Ben Purvis notes, “Kim Jong Un [could decide] to inject himself into the conversation again,” at any time.
“Ideological interpretation: Looking down is a mistake — the system works only if no one opens his eyes.”
And now back to your regularly scheduled rally.
Much has been made of the Swiss franc’s epic plunge.
And indeed, it has been just that – an epic plunge.
“Billions, and billions, and billions, and”…
“I have fielded more enquiries about what’s going on this week than I have the rest of the year combined.”
“All this makes the CHF a bit of a sitting duck”…
“…the move above overnight high was due to a combination of short covering and momentum buying and is being made more difficult as spreads blow out in both options and spot.”
“It’s certainly a tempting idea given the price-action but, in the wake of my incorrect dollar call from Wednesday, I refrained from joining the debate with conviction.”
“…at the turn of the tide.”
“For this reason we maintain our monetary policy of negative interest rates and interventions if needed.”
So here we are, the day after a Fed hike that was supposed to (and by a lot of accounts needed to be) dovish. Wednesday’s lackluster CPI and retail sales data should have been a “game changer” for Yellen’s messaging, a lot of folks contended, going into 2 p.m. EST. Simply put: by the time…