Author Archive: Jeremy Parkinson
E Markets: Flat
The world isn’t flat but it’s easy to look at pictures and think its true. The lesson being that where you observe things matters to how you interpret them. If you look at macro – nothing happened today – if you look at stocks there was a modest take-profit shift driving more risk-off than the […]
Morning Call For Wednesday, August 29
Overnight Markets And News Sep E-mini S&Ps (ESU18 +0.04%) this morning are up +0.01% in quiet trade and rose on optimism that a U.S./Canada trade deal can be reached after the Globe reported that Canada was said to be ready to make concessions on dairy for compromises in other areas. European stocks are down -0.12% and […]
Turkish Lira Tumbles As Central Bank Intervention Fails
The Turkey’s lira tumbled as much as 3% against the dollar, making it the worst performing currency in the world, and extending its slump to a third day after the central bank announced it double banks’ borrowing limit for overnight transactions at the interbank money market – effectively tightening liquidity by ending the unrestricted funding […]
What’s Next For The Dollar Index?
In 2017, the dollar index fell as the dollar weakened against its closest peers. Most of these losses came as a result of the euro which rose buoyed by the strong European economy. This year, the cycle has changed in favor of the dollar. Year-to-date, the dollar index has risen by more than 4%. These […]
Venezuela Implodes, Neighbors Suffer
Last week Venezuela devalued its currency, the bolivar, by 95%, cutting five zeros off the exchange rate. This measure was a desperate response to hyperinflation that reached an astonishing rate of 83,000% YoY in July, with prices doubling every 26 days. The IMF has projected the rate could reach one million percent this year. Cash transactions […]
Dollar Finds Support, But Downside Correction May Not Be Over
The US dollar has steadied after pulling back in recent days, but the downside correction does not appear complete, and month-end flows are still a risk to picking a dollar-bottom. The Australian dollar is the weakest of the majors. The main drag is paradoxically Westpac, one of Australia’s largest banks, raised the variable rate mortgage […]
Will Shorts Come To Aid Of Nasdaq Bulls?
The Nasdaq 100 index enjoyed a mini-breakout Tuesday, only to find itself right underneath seven-month channel resistance. A breakout would be massive. Could shorts come to longs’ rescue in due course? The tech-heavy Nasdaq 100 (7570.25) Tuesday rose to yet another high. Through the session’s intraday high of 7588.72, it was up 18.6 percent […]
Growth Rate Outstanding
How do you squeeze 20,000 Russian merchants into 15,000 available commercial plots at the market? The answer is blockchain… Of course, it’s impossible to fit 20,000 people into 15,000 spaces but it seems that the application process has become so unreliable that the government is now turning to the Ethereum network to provide a transparent and immutable […]
GBP/USD: Brexit Reality Bites, And So Does The Dollar
The GBP/USD is trading below 1.2900, consolidating the fall from the highs. The Brexit deadline has reportedly been pushed back to November. The pair is battling uptrend support that accompanies it since mid-August. The GBP/USD is trading below 1.2900 after reaching a peak of 1.2930 on Tuesday. Brexit negotiations continue, and both the European Union and the […]
USDCAD Daily Analysis – Wednesday, August 29
USDCAD extended its downside movement from 1.3174 to as low as 1.2949, breaking below 1.2961 support. Further decline could be expected after a minor consolidation and next target would be at 1.2800 area. Resistance is at 1.3030, only a break of this level could bring the price back to 1.3150 area.
