Yen

Credit, Crypto, & Kuroda's "Bat-Shit-Crazy Monetary Expansion"

"This is bat-shit-crazy monetary expansion. Forget about arguing whether it is appropriate or needed. It doesn’t matter...What I find amazing is how complacent the markets have become about all of this...There will be consequences, we just don’t know what they are yet. Get your insurance while you can, not when you have to… "

Global Bond Rout Accelerates Even As Dollar Rally Fizzles

In a continuation of trading patterns observed over the previous two days, on Thursday the global bond rout deepened in the aftermath of the release of President Trump’s tax-cut plan, Janet Yellen's recent hawkish comments and renewed optimism over the health of the U.S. economy.

Bitcoin Soars Back Above $4100 As ECB Admits "No Power To Regulate Cryptocurrencies"

Cryptocurrencies are extending their post-China-crackdown gains, with Bitcoin spiking back above $4100 this morning. A number of catalysts have been posited, from chatter of Mike Novogratz new fund to talk of Japan's shift to virtual currency before the Olympics in 2020. However, most chatter revolves around Mario Draghi's admission that The ECB is powerless to regulate or prohibit cryptocurrencies.

Dollar Surges, Bonds Dump Ahead Of Trump Tax Plan

S&P futures are set for a higher open (+ 0.1%) despite the expected hit to the Dow from Nike, as European stocks gain while Asian shares dropped. Like yesterday when the big story was the jump in the USD ahead of Yellen's (rather hawkish) speech, so today the greenback's levitation has continued, this time propelled by the imminent unveiling of Trump's tax plan.

Euro Tumbles Ahead Of Yellen, Macron Speeches As Stocks Shake Off Korean Crisis

S&P futures are flat after Monday’s tech-driven drop and as tensions with North Korea are once again put on the backburner; Asian stocks are modestly lower while Europe has shaken off the Korean crisis and is in the green on the back of a sharp drop in the EURUSD which has tumbled below 1.18 as the USD rises ahead of much anticipated speeches by the Fed Chair and the French president.

Global Stocks Mixed After "Nightmare Victory" For Merkel; Chinese Property Developers Crash

European stocks rose as the euro tumbled following Germany’s election result which was dubbed a "Nightmare Victory" for Merkel and could lead to complicated coalition talks. U.S. equity-index futures point to a lower open, while Asian equities slide after a plunge in Chinese property developer names as well as tech stocks following more iPhone delivery concerns. S&P500 futures are steady. 

Bill Blain: "Let's Pretend"

"Let’s pretend there is not a storm of contradictory bluster and threats facing Europe – which central bankers should ignore at their peril."

Frontrunning: September 21

  • Mark Zuckerberg’s Political Awakening (BBG)
  • Bank of Japan Sticks With Easy-Money Settings (WSJ)
  • Bank of Japan board member demands more stimulus (FT)
  • S&P downgrades China, says rising debt is stoking economic, financial risks (Reuters)
  • Boston’s Fate Lies With a Zombie Hurricane as Maria Moves North (BBG)

Traders Yawn After Fed's "Great Unwind"

One day after the Fed unveiled the "Great Unwinding" the reaction has been largely muted, with S&P futures unchanged, near all-time highs as European and Asian shares rose modestly while the dollar edged marginally lower through the European session after yesterday’s post-Fed surge.

Dennis Gartman: "This We Find Anomalous"

"As prices have risen to new highs the volume has waned and waned and waned again. This we find anomalous, for volume should always follow the trend and in this instance the trend is up while the volume is most assuredly down."