* Has the risk rally finally turned?
* Weekend event risk–G7 meeting/Irish EU vote-update coming
* EU Referendum could see significant EUR/USD volatility
* Bank of England and ECB previews
* US continues to be plagued by job losses
* Key data and events to watch next week
The short answer to that is a definitive, unequivocal ‘maybe.’ The first day of October saw risk assets take a beating for apparently no good reason. True, weekly US jobless claims rose and the ISM manufacturing index disappointed, but we knew from the Chicago PMI that ISM was likely to be weaker, and the jobless claims was not a major jump. Complicating matters further, we had month/quarter-end to contend with the day before and Sept. NFP the day after Oct. 1. Overall, though, we are left with the impression that October has begun on an inauspicious note for risk appetites and risky assets, such as stocks and commodities. If so, we could see further USD strength and potentially signal a multi-week USD low was seen a few weeks ago. Full text »
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