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MacroBusiness Access Subscriber Only Content at 8:30 am on July 8, 2021 | 5 comments Wall Street got out of its grumpy start start to the week with a return to new record highs overnight as the latest FOMC minutes indicated any tapering action is still far far away.  European markets also got back on the risk-on train with some sharp rebounds despite a drop in German industrial production although this was mainly due to a new low in Euro as USD regained strength as Treasury yields returned to their February lows.  Commodity prices were again quite mixed as oil prices dropped nearly 2% while...

MacroBusiness Access Subscriber Only Content at 8:30 am on July 7, 2021 | 1 comment Risk markets turned from relatively quiet to very cautious overnight as US traders returned from their long weekend in a poor mood, with Wall Street slipping.  European markets all retraced sharply on the poor German ZEW showing with factory orders also disappointing. Commodity prices were all over the place with Brent oil initially higher before getting sold off later in the session, with a similar move in gold which retraced back below the $1800USD per ounce level. Bitcoin has been unable to gain any moment...

MacroBusiness Access Subscriber Only Content at 8:30 am on July 6, 2021 | 1 comment Risk markets were relatively quiet overnight as the US holiday following the latest non-farm payroll (NFP) unemployment print on Friday kept sentiment neutral and reduced the chances of any volatile response. European markets were nominally bullish with some mild lifting while the USD and bond markets were relatively unchanged. Commodity prices saw the most action with oil lifting sharply on OPEC’s inability to agree on supply increases, with copper and gold also lifting while iron ore prices slumped. Bitcoi...

MacroBusiness Access Subscriber Only Content at 9:00 am on July 5, 2021 | 0 comments A new non-farm payroll (NFP) unemployment print in the US has reset the tone for US stocks at least with a good headline but mixed internal report equating to an unlikely early taper by the Federal Reserve. This embiggened traders on Wall street to push the S&P500 to a new record high but other stock markets are less sanguine. The USD retraced against the majors with oversold Aussie dollar bouncing back as did Yen, both of which should provide headwinds for Asian stock markets on the open, as Chinese bourse a...

MacroBusiness Access Subscriber Only Content at 9:00 am on July 2, 2021 | 1 comment A new trading month brings more risk taking with both European and US shares lifting across the board with the S&P500 putting in a new record high and traders expecting a solid jobs report from the NFP later tonight. While the latest ISM manufacturing slipped slightly it was very robust with initial weekly jobless claims coming in lower than expected. Bitcoin continues to taper, falling back to below the $34K level, ready to make a new low for the week. Momentum is getting into oversold territory and price act...