Ian Reynolds
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Overnight
Trump appeared to backdown on tariffs and markets, at least, gave a sigh of relief. We won't really know until 2nd April and beyond.
US equities traded significantly higher as did other risk assets.
Data wise services higher and manufacturing lower in the US. We'll see a continual flip-flop in sentiment until we know the path.
US S&P PMIs
Breaking
Bitcoin
Broken and confirmed higher. There's a massive amount of chop to get through between 89,000 and 92,000 after which clear air to all time high.
BITCOIN / USD Daily
Commodities
Gold consolidating and looking to re-energise.
GOLD / USD Daily
Equities
Good break higher and we may retest the scene of the crime at 5,950. Seems a long way but even then we'd be in a bear market.
S&P500 Daily
Bonds
Bessent wants that 10 year yield lower but it's proving to be stubborn at the moment. For now the risk off trade gets reallocated to stocks, BTC etc
US 10 Year Government Bond Yield Daily
Foreign Exchange
USD higher with treasury yields as Bostic reckons only one rate cut this year. The FED sure aren't talking lower rates but yet they're preparing for more QE.
DXY Daily
Interesting
Indonesia Stocks Tumble on Growth, State Firm Ownership Concerns [Bloomberg]
Economic Indicators Today
