It's deja vu all over again as the dollar resumes its decline against all major peers on Friday as equity markets from Asia to Europe, and US futures, are a sea of green as the market meltup continues at an unprecedented pace.
"An unprecedented bubble emerged during 2004-2006. We believe the current market environment is similar, in which monetary policy (hiking the policy rate) is likely to have a limited effect in restraining risk-taking."
"All the market indicators right now look very similar to what we saw before the Lehman crisis, but the lesson has somehow been forgotten... Central banks are now caught in a 'debt trap'..."
Following the ubiquitous "no change" statement, ECB President Mario Draghi faces an uphill battle in today's press conference to keep the QE-dream alive, reflect on EU's potemkin-village-like economic strength, and jawbone the Euro lower - "everything's awesome... but we're gonna need more money-printing."
Another day, another rout in the USD index, with the Bloomberg dollar index sliding to the lowest level since December 2014 after Asian participants were able to react to yesterday’s comments from US Treasury Secretary Mnuchin.
uring the last two weeks markets have reacted to every single comment from ECB speakers. Far from the "peace and quiet" the ECB probably thought it had bought itself last October, this clearly suggests the press conference this week will not be an easy one for Draghi.
"China is the most fragile large region in the world at the moment...And if China were to run into its own kind of financial crisis it would probably produce a growth crisis which could produce a political crisis."
If momentum traders were a headwind to a rates selloff in 2017, now they are a tailwind, and worse, they are already wreaking havoc for rates traders , threatening to unleash an all-out liquidation.
"U.S. pension funds that rebalance monthly - which is most of them - will have to sell more than $12 billion of U.S. stocks in the coming days to return to prior asset allocation levels given recent rally in the stock market"
In what has been a relatively quiet overnight session, equity futures are once again a sea of green, as the stock market meltup continues, while the dollar bloodbath is accelerating.
Congress prohibited the use of BPOs to underpin traditional mortgages as part of Dodd-Frank. But, fortunately for private-equity firms and their limited partners, that prohibition doesn't apply to investors buying tens of thousands of homes.
Disney will pay over 125,000 employees a one-time cash bonus of $1,000, as well as make a new $50 million investment into education program for employees...
