"We ultimately think that the PBoC will safeguard the 6.70 level in USD/CNY, as it would otherwise risk spurring another round of massive capital outflows as was seen after the devaluation in the autumn of 2016..."
"The initial destruction of wealth after equity markets peak will exacerbate the credit crisis. But those that think it will be a deflationary event have not been paying attention to the evolution of monetary policy since the days of Paul Volker, who was the last Fed chairman with the guts to jack up interest rates to bring price inflation under control. "
Watch as Hong Kong real estate agents literally throw punches, kick each other to the ground and otherwise pull their best kung fu moves as they brawl with one another to get a client's business.
BCRA's first $150 million auction was like a fart in a hurricane as the peso collapsed to 29.5/USD but then the central bank unleashed another $300 million auction and for now - the peso is 'stabilizing'...
" For all the fundamental news, once again it has been the technicals directing price traffic. Or maybe people are realizing that the biggest mistake that keeps happening is when victory is declared prematurely."
JPM slipping below support (2018) shown in the 1st chart below. What this market leader does at (2), will be important to the stock, the banking sector and the overall market!
Its’ the "noise" engulfing markets that’s been most interesting. If there has been a theme to 2018 thus far, I’d characterise it as "Contradictory Bluster."
On the last day of a volatile, tumultuous quarter European stocks rebounded sharply after an EU migrant deal was struck, and following a broad rally in Asia on hopes for further Chinese easing, however news that Trump may pull the US from the WTO promptly capped further upside.
"... more than simply providing cover for the Fed’s controlled demolition of equities, the trade war may also provide cover for the controlled demolition of the dollar as multiple foreign creditors and trading partners turn America’s greatest strength into its greatest weakness..."
"the potential for such a vast amount of Fallen Angels at a time when Euro high-yield bonds are shrinking would cause enormous ructions and indigestion in the market."
