The NY session was characterized by month-end mayhem and the moves ultimately proved to be US dollar positive. Equities dropped -0.9% as consumer confidence in the US disappointed in size. Consumer confidence came in at 49.3 while the market was expecting a 55.3 print. This does not bode well for consumer spending going forward and given that it is nearly 70% of the US economic pie, the impact on corporate earnings will not be trivial. Gold lost some of its luster and shed - to 927/926 and now sees important support at the 914/913 trendline – below opens up obvious potential towards the psychologically important 900 level. Full text »
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