Ian Reynolds
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Overnight
Economic Indicators Released Overnight
Rate cuts in China and Australia weren't a great surprise with RBA discussing 50bps possibility. The RBA is miles behind the curve and bond yields are showing this. PPI deflation in Germany but higher CPI in Canada reflects a very mixed global economy. Thanks Mr T.
Not much data today, so all eyes on the US 20 year bond auction.
Jamie Dimon's comments didn't help equities, where we had the first down day for a long time.
US Equities
Breaking
China cuts key rates to aid economy as trade war simmers [Reuters]
As US yields hit recent highs, a number of other bond markets are suffering, especially JGBs. With a quarter of negative GDP and the highest debt to gdp ratio in the western world, something might be about to break. Also look at Canada and Australia, despite yesterday's rate hike.
Japan 30 Year Government Bond Yield Daily
Commodities
Gold looking perky as we look to retest the all time high in the next few weeks. This still could be a bear flag but confirming above 3,265 should negate that.
GOLD / USD Daily
Bitcoin
Bitcoin charging for the all time highs again. The negative news in the last few days has suppressed the price action so look for an explosive leap when the pressure is off. However divergence is beginning on the RSI.
BITCOIN / USD Daily
Foreign Exchange
The USD can't get a bid and seems to be sliding towards support on the DXY at around 96.00. Let's see if it confirms lower. If it does break lower, expect US 10 year yields higher and that's US a banana republic!
DXY Daily
Equities
NASDAQ overbought and momentum running out.
NASDAQ Daily
Interesting
Economic Indicators Today
