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In the Zone
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Today's News Headlines
- The White House was convinced last night that the market sell off is just a correction, historically it would be said that they would be right – but this feels like a “what if” moment.
Market Recap
Earning season is starting again with some of the major financial institutions scheduled to report on Friday, if last night was not a sound warning – buckle up because markets could get wild over the next couple of days. Global equity markets had its biggest sell off since Brexit, the impact had a delayed reaction but eventually the bond yields turned negative as we did see a small flight to safety.
The USD was mixed with gains vs the risk off currencies (commodity currencies), but took a knock against the rest of the major currencies. I think the question today will be, “what happens today?” Will the hurricane continue to sweep through the markets or will we see the rainbow come out today.
I suspect that the equity markets will sell off today again, I suspect that this may be a day to sit out of the markets, let someone else catch a falling knife.
Important Economic Data Due Today
11:00 GBP BOE Carney Speaks
Consensus: None
Effect: More hawkish than expected is good for the GBP
14:30 USD CPI
Consensus: 0.2%
Effect: Higher than expected is good for the USD
Tentative USD Treasury Currency Report
Consensus: None
Effect: No consistent effect on the USD
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