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at 8:30 am on July 16, 2021 | 4 comments
Risk markets continue to swing from hope to fear with the latter ruling again overnight without any obvious catalysts. Both European and US stocks fell back around 1% or so with commodities equally mixed as oil dropped 2% while industrial metals lifted. The USD rebounded after falling back midweek while bond yields also fell back to their weekly lows as Fed Chair Powell re-iterated the Fed’s stance to the Senate overnight. Bitcoin’s deflation continued with a return to the $31K level yesterday that has it on track to get back to the start of year position at $30K or lower as the daily downtrend line (upper black sloping line) still holds:
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at 8:31 am on July 14, 2021 | 1 comment
Last night saw an unexpected turn in so-called transitory inflation with the US June print soaring higher while German inflation was characteristically on track as expected. The latter saw European stocks trend sideways while the former saw Wall Street fall back from its usual trend of new record highs. Treasury yields pushed higher not helped by weaker auction results while the USD lifted across the board against the majors although gold managed to hold on above the $1800USD per ounce level.
Bitcoin continues to deflate with a return to the $32K level overnight as the daily chart shows it ready to decline back to the start of year position as the daily downtrend line (upper black sloping line) still holds:
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