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Economic Indicators Released Overnight
China exports up 12.4% YoY, imports down 4.3% YoY. Nothing more to say. As the US tariffs make imports too expensive, we will see a tsunami of cheap product heading elsewhere particularly to Europe who seems to be the only ones actively seeking new trade deals with China. A deflationary wave is coming.
Yesterday China cut Yuan fixing to weakest since September 2023: PBOC sets Yuan fixing at 7.2110, vs 7.2087 on Friday. A gradual currency depreciation.
Elsewhere a luxury green day in equities but caution abounds.
Global Equities
Bessent Says Treasury Has Big Toolkit If Needed for Bonds [Bloomberg]
Chinese exchanges restrict daily stock sales as trade war with US escalates, sources say [Reuters]
US-China tariff war steers gold through $3,200 per ounce [Reuters]
"Gold ETFs see largest inflows since Q1 2022 in the last quarter"
NASDAQ gaps higher then sells off. A good chance for lucky buyers from the last few trading days to take profits, and also a better opportunity for trapped longs to exit.
NASDAQ Daily
A retrace to the scene of the crime but needs to confirm.
BITCOIN / USD Daily
Gold still above the second parallel channel. It needs to confirm at what would be a new all time high.
GOLD / USD Daily
The chart of truth from a monthly perspective. Yield needs to positively break lower or they'll be back up at danger levels.
US 10 Year Government Bond Yield Monthly
The USD price action still terrible. We're looking at the move to the intersection of this fall from the head and shoulders, and the long term support at 97.50.
DXY Daily
Saudi Arabia, US in talks to sign deal on nuclear technology [Arab News]
Announcing the Agent2Agent Protocol (A2A) [Google for Developers]