China was off 91bps last night which is a calm night by recent standards. Say what you want about China and the Chinese local market but despite all the volatility and fear the index has actually held the 200dma on the downside.
Gold bugs finally found the strength to push gold slightly higher after 10 days of free fall this morning.
Emerging Markets dances near 5yrs lows, excluding the washout low of the U.S. downgrade in Aug-October 2011 by testing key support yet again.
Markets under control despite resounding OXI from Greece yesterday. As we noted last night the price action is about testing the levels form last week and overall key levels for the indices and macro.
Into the European close, according to DB who is quoting Alco here is the following:
Between Greece and Payrolls and a long holiday weekend it’s not a surprise to see volatility elevated today.
As of Sunday night writing the following points summarize where we are:
Talks breakdown Greece’s Tsipras calls for a July 5th referendum vote enraging EU creditors The ECB freezes the emergency funding lifeline Greece will default on their E1.6Bn IMF payment due Greece closes its markets this week Greece closes banks and imposes capital controls until […]
As sentiment in Europe is hurt by the rising rates curve and a stronger currency we ask is the run in Germany over?
So much for US recession, NFP in the US was well beyond consensus and puts into play where people were positioned even on rates after yesterday’s opening hours of pain but easing back by the end of the day.
Trade the range on the major currencies except the Yen. The Euro will not go through parity on this run despite momentum now which seems like it is almost as bad as it was in mid-March as we hit 1.o519 lows. The Dollar will have a move higher but not to 110 on this run. […]
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