Kuroda Shrugs, Twitter Lampoons Sweden, Deutsche Crumbles: Welcome To Thursday

Ok, so as detailed earlier this morning, the first thing you should note about the overnight session was the action in the loonie and peso following Donald Trump’s decision to avoid ripping apart NAFTA (for the time being). You can read the full story on that with some additional color from FX trader Mark Cudmore…

Today’s Word Is “Bigly”: Here Comes Trump’s Terrific, Tremendous, Tax Plan

Today’s word is “bigly.” No wait, “phenomenal.” No wait, “massive.” Yeah, that’s it. “Massive.” All eyes are on Donald Trump’s tax plan on Wednesday even though common sense tells you that what he does or doesn’t say is largely meaningless. “Is this an opening, somewhat unrealistic gambit to a negotiation?” Credit Suisse’s James Sweeney, asked…

It’s Tuesday And This Market “Sees No Demons”

“With French political risk significantly reduced (even if there’s still a two-week second round campaign to negotiate), an improving global economy, steadier oil prices, and most of all, range-bound US yields and a lack of fear of rapid Fed tightening, investors see few demons and are off in search of yield.”

Hellz Yeah! European Stocks Explode, US Set To Rally As Market Celebrates Macron

The final tally was Macron 23.75%, Le Pen 21.53% and to say markets are relieved would be an understatement. One peculiar thing is that it seems completely lost on everyone that Marine Le Pen did indeed make the second round. So it’s not exactly like populism just fell flat in Sunday’s vote. Rather, the enthusiasm…

Euro Soars 3% Against The Yen, Shorts Seen “Reloading”

You probably don’t want to read too much into it because Sunday evening Australasia FX moves aren’t exactly the most reliable way to get a read on what markets will look like 12 hours from now, but you should nevertheless take note of this: So that’s EURJPY jumping 3%-ish on the heels of the French election results and as Asia-based FX…

“OPEC Has A Deal!” Buy Euros! Wait, There’s A French Election? Welcome To Thursday.

Let’s start with oil real quick, because there are some notable headlines on Thursday morning. Recall that things took a decisive turn for the worst on Wednesday after EIA data confirmed Tuesday’s bearish API print(s). Specifically, the crude draw came in lower than expected (just like API) and the unexpected gasoline build was even bigger…

Easter Algos Dump Dollar After Dour Data Deluge

Earlier this morning the reflation narrative rolled over and died. That’s not just our dour assessment. Look around. The other folks who know what they’re talking about said exactly the same thing we did. Namely, that when it comes to the global reflation meme, the following is “bigly” bad… As a reminder, this comes on…