With many traders on vacation, the algos will be kept busy with a busy weekly slate, with the global PMIs due out on Tuesday, the ECB meeting on Thursday, US Q2 GDP on Friday and corporate earnings releases peaking.
"Large moves are becoming more common: 2017 was remarkable. Despite low levels of volatility that made the bar for a large move relatively low, few occurred. 2018 is very different."
"One cause for concern is that renewed monetary easing by the world’s central banks might rekindle a fear of competitive currency devaluations, as it did in 2015 and early 2016."
"U.S. equities at five-month highs, gold at one-year lows, the yen at five-month lows and Treasuries having their tightest yield range in almost 20 years on the week that tariffs were implemented. Where’s the risk aversion and the panic?"
Turkey issued a key challenge to its NATO "puggybank" ally the United States today, when a Turkish court ruled to keep imprisoned US Pastor Andrew Burnson in jail, quashing speculation that he would be released after a hearing on Wednesday.
Global stock markets were firmer on Wednesday, supported by Tuesday's euphoric tone when not even the Netflix debacle could hold back the Nasdaq from hitting a new all time high.
"Assange is a courageous and fearless publisher who is being persecuted for exposing the crimes of the corporate state and imperialism. His defense is the cutting edge of the fight against government suppression of our most important and fundamental democratic rights."