Ian Reynolds
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Overnight
Economic Indicators Released Overnight
Not much to glean from data overnight as continuing claims continues to rise but initial jobless claims stuck in a tight band.
10 year yields hit 4.63% and equity markets moved lower but then the yield dropped back and everyone was happy for a pause in the price action.
Trump tax bill finally got passed, cementing worries for long end investors that the fiscal spending would be even further out of control.
Markets are moving into a serious risk-off phase.
US Equities
Breaking
US House passes Donald Trump’s showpiece tax bill [FT]
Bonds
It's the long end that has really seen markets reprice globally, the 10 year rates are hanging in there. UK 30 year yields are back to the level last seen in 1998.
UK 30 Year Government Bond Yield Daily
Commodities
OPEC's announcement of even more supply moved price lower. Certainly this is an indicator of the global economy.
SPOT BRENT Daily
Bitcoin
BTC breaks to an all time high, but resistance between 113k and 115k will keep a lid on it for now. We've gone up 36k in price in 6 weeks so there will be a pullback sometime soon.
BITCOIN / USD Daily
Foreign Exchange
USD up overnight. Euro has tagged the long term support since the GFC.
EUR / USD Daily
Equities
Quiet for now, and now tracking the 10 year yield.
NASDAQ COMPOSITE Daily
Interesting
Economic Indicators Today
