Ian Reynolds
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Overnight
Economic Indicators Released Overnight
Weak inflation numbers in the US and China added to the recession narrative and with a full blown trade war between the two biggest economies, global recession is the obvious conclusion.
Clear and imminent warnings flashing for both stocks and bonds as the US 10 Year yield rises again to close at 4.43. The 30 year auction went out at 4.81. Even a small rise in these rates and markets will be in trouble. And the USD is moving lower again. No wonder Gold made yet another all time high yesterday.
Rumours of Japan dumping USTs didn't help the sentiment as equities shed 4% without thinking about it
US Equities
Breaking
EU, China will look into setting minimum prices on electric vehicles, EU says [Reuters]
Equities
NASDAQ still looking shaky and it's still a long way down to the COVID low uptrend. With Trump all over the place yet again, the only way is down unless something happens.
NASDAQ Daily
Bitcoin
BTC looking to form the W shaped bottom we've been talking about for the last few weeks. Needs to confirm above the downtrend before we can assume this though.
BITCOIN / USD Daily
Commodities
Gold hits an all time high and a break of the second parallel channel would imply a large parabolic move to the upside and subsequent collapse.
GOLD / USD Daily
Bonds
All the sensitivity is here. This is where the global reserve currency status could be lost.
US 10 Year Government Bond Yield Daily
Foreign Exchange
Adding gas to the fire the USD reached our initial downside target just above 100.00 on the DXY. The chart below is monthly so we're only nearing the bottom of a 15 year uptrend. It looks like oil, which just broke down, sitting on that support.
DXY Monthly
Interesting
US PPI could confirm the lower inflation per yesterday's CPI but most interesting is the Michigan survey which has been following the US consumer's journey into recession.
Economic Indicators Today
