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Market Watch 666 For 28February 2021
Fourth quarter GDP revision; January’s income and outlays, durable goods, and new home sales
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This week also had the release of the Chicago Fed National Activity Index (CFNAI) for January, a weighted composite index of 85 different economic metrics, which rose to +0.66 in January from +0.41 in December, which was revised from the +0.52 reported for December last month. after revisions, the 3 month average of the CFNAI slipped to +0.47 in January from a revised +0.60 in December, which still indicates that national economic activity has been somewhat above the historical trend over recent months.in addition, the week also saw the Case-Shiller Home Price Index for December from S&P Case-Shiller, which reported that home prices nationally during October, November and December averaged 12.4% higher than prices for the same homes that sold during the same
February 22, 2021 - Written by John Cameron
GBP/USD Exchange Rate Heads Higher on UK Covid Vaccine Optimism
The Pound to US Dollar exchange rate rose by 0.2% today ahead of the unveiling of Prime Minister Boris Johnson’s lockdown exit plan. The pairing is currently trading around $1.40.
Boris Johnson is also expected to highlight new data that shows that Covid-19 vaccines has had a significant effect on transmission.
UK Vaccine Minister Nadhim Zahawi said:
‘Suffice to say the evidence looks good. The Oxford team demonstrated their own evidence of cutting transmission by two-thirds.’
This will offer a far more optimistic view about the reopening of the economy in the months ahead.
2/23/2021 4:37:28 AM GMT
Financial markets have an every man for himself look about them today, as various asset classes diverge in their own directions. A combination of tightening yields and the impending two-day testimony by Fed Chairman Powell starting today in Washington DC seems to have provoked differing reactions across different markets.
Despite yields rising once again in the 10 and 30-year tenors, the US Dollar fell overnight across the board. Gold rallied impressively as the Dollar weakened, and US yields rose, despite that being a repeat of the price action the Friday which it completely ignored. Equities fell on Wall Street, led by the tech-heavy Nasdaq, which endured a torrid day. Oil, meanwhile, rose impressively despite thawing signs in Texas and signs of cracks among OPEC+ on the trajectory of production cuts. Base metals, notably tin and copper, rallied strongly once again. Meanwhile, Bitcoin did what it does, falling 10% intra-day before finishing 6.0% lower f
Every man for himself
US dollar dips, markets eye Powell testimony
Financial markets have an every man for himself look about them today, as various asset classes diverge in their own directions. A combination of tightening yields and the impending two-day testimony by Fed Chairman Powell starting today in Washington DC seems to have provoked differing reactions across different markets.
Despite yields rising once again in the 10 and 30-year tenors, the US dollar fell overnight across the board. Gold rallied impressively as the dollar weakened, and US yields rose, despite that being a repeat of the price action on Friday which it completely ignored. Equities fell on Wall Street, led by the tech-heavy Nasdaq, which endured a torrid day. Oil, meanwhile, rose impressively despite thawing signs in Texas and signs of cracks among OPEC+ on the trajectory of production cuts. Base metals, notably tin and copper, rallied strongly once again. Meanwhile, Bitcoin did what it does, falling 10%