Ian Reynolds
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Overnight
Economic Indicators Released Overnight
Powell didn't resign and didn't talk about interest rates. No surprise there. What he did say that was interesting was at 26:10.
"Exchange rate policy firmly in hands of US Treasury" and
"The end of the Breton Woods era in 1970s fundamentally changed the conduct of monetary policy" i.e USD not fixed to Gold and other currencies not fixed to USD.
Although nothing groundbreaking in itself, the FED is clearly distancing itself from what isn't it's key objectives. Good thing one would say, but the message is clear that is something goes wrong in FX don't blame the FED.
Powell's obviously been looking at the DXY.
So that's the end of FX lines to other central banks, as alluded to by Mme Lagarde recently.
Data wise, US manufacturing ISMs were mixed but ISM imports lowest since 2009!
Atalanta FED GDPNow 4.6% for Q2.
Breaking
Fed's Waller still open to cutting interest rates later this year [Reuters]
Bitcoin
BTC defying it's own price action, keeps the bullish consolidation story alive.
BITCOIN / USD Daily
Commodities
Gold finally broke through and looks to revisit the all time high at 3,500 soon.
GOLD / USD Daily
Silver blasts higher, a break of $35.00 could yield $50.00 the high post GFC.
SILVER / USD Daily
Brent Oil reversed losses yesterday after the escalation of the Ukraine / Russia situation.
Bonds
UST10 continues its range range trading with the head and shoulders neckline at 4.53% now.
US 10 Year Government Bond Yield Daily
Foreign Exchange
The USD continues lower, price action is terrible and is getting into a self sustaining prophecy. Lower USD --> Higher yields and higher Gold prices --> Lower USD as Gold judges the state of the global financial system.
DXY Daily
Equities
S&P looks to be forming a bullish consolidation, as all negatives get recovered from.
S&P 500 Index
Interesting
Economic Indicators Today
