by Here is a nine-minute clip of a chat I had with Ben Lichtenstein at TD Ameritrade. Ben captures futures traders’ energy and breadth of vision. Often in institutional settings, one develops a specialization, but in my experience, futures traders are more likely to look across the markets and asset classes. It is one of the lasting lessons learned early in my career on the floor of the CME. We focus on the S&P 500 and yesterday’s German court decision, which I think is a trap that many observers to be walking into and seemingly not realizing that at risk is not just the ECB’s asset purchases, but also the primacy of EU law. Click here for the link. You Might Also Like Cool Video: CNBC Asia As the
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Here is a nine-minute clip of a chat I had with Ben Lichtenstein at TD Ameritrade. Ben captures futures traders’ energy and breadth of vision. Often in institutional settings, one develops a specialization, but in my experience, futures traders are more likely to look across the markets and asset classes. It is one of the lasting lessons learned early in my career on the floor of the CME. We focus on the S&P 500 and yesterday’s German court decision, which I think is a trap that many observers to be walking into and seemingly not realizing that at risk is not just the ECB’s asset purchases, but also the primacy of EU law.
Click here for the link.
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Cool Video: CNBC Asia
As the markets were re-opening in Asia earlier today, I joined Martin Soong and Sir Jegarajah on CNBC Asia. I had returned from a business trip and visited our summer house on the Jersey shore for what I thought was going to be a weekend more than a month ago.
New Month, New Trends?
The dollar fell against all the major currencies and most of the emerging market currencies last week. The Dollar Index fell by 1.3%, the biggest loss since the last week of March, and posted its lowest close in nearly three weeks ahead of the weekend. There seemed to be a change in the market after key equity benchmarks, like the MSCI ACWI Index of both emerging and developed markets put in a recovery high in the middle of last week.
FX Daily, January 29: Escaped from a Crocodile’s Mouth, Entered a Tiger’s Mouth
Overview: This colorful Malay saying captures the spirit of the animal spirits. Narrowly escaping an escalation of a trade war between the world’s two largest economies, the outbreak of a deadly virus has spurred moves, especially the sell-off in stocks and rally in bonds, for which many investors seemed ill-prepared. Even though the virus contagion has not peaked, the recovery in US equities yesterday points to a break the fear and anxiety.
Cool Video: OIl, ECB, and Animal Spirits
I had the privilege to join Ben Lichtenstein at TD Ameritrade (from a remote location) this morning to talk about the global markets. I make four points. First, the reversal of the S&P 500 yesterday set the tone for Asia and Europe. Volatility throughout the capital markets remains elevated, even if off the peaks.
FX Daily, April 23: Investors Take PMI Crash in Stride
Overview: Investors have remained fairly calm in the face of flash April PMI crashes and an increase of virus cases in several European countries. Most equity markets in the Asia Pacific region rose, with the notable exceptions of China and Australia. The Nikkei rose for the first time this week, and its 1.5% gain led the region.
FX Daily, April 29: Heavy Dollar amid Month-End Pressure
Overview: The dollar is lower across the board as dealers attribute the selling to month-end pressures ahead of the FOMC today and ECB tomorrow and long-holiday weekend for many. Japan’s Golden Week holiday has already begun. Despite the loss in US equities yesterday, despite the higher opening, it has not spilled over, as Alphabet earnings helped lift sentiment.
FX Daily, April 30: ECB Takes Center Stage
Overview: Equities continue to recover even as deep economic contractions are reported. Yesterday, the US said Q1 GDP contracted at an annualized pace of 4.8%, while the eurozone reported today that output fell 3.8% quarter-over-quarter in Q1. Hong Kong and South Korea were closed, but the rest of the Asia Pacific bourses rallied strongly with several, including Australia and India, rising more than 2%.
FX Daily, May 4: Monday Blues
Overview: The constructive mood among investors in April has given way to new concerns as May gets underway. Japan and China are still on holiday, but most of the other markets in Asia fell, led by 4.5%-5.5% declines in Hong Kong and India, and more than 2% in most other local markets. Australia bucked the trend a gained 1.4% after shedding 5% before the weekend.
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