Morning Brew November 17 2022
Senior Relationship Manager
Summary: Fairly Calm For a Change
Worries from the retail and semiconductor sectors weighed on risk sentiments despite strong retail sales and falling US Yields.
Indexes in the US declined between 0.1% and 1.5%and the German Dax fell as well. Target lost 13% on a cur outlook and an earnings miss, Micron pulled the semiconductor sector lower. After hours, Nvidia beat expectations.
The USD Index remained fairly calm at 106.35, EURUSD 1.0385, GBPUSD 1.1905 and USDJPY 139.50, but Gold and Silver gave up ground on a perceived decline in geopolitical risks. Gold fell to 1765 and Silver 21.20.
Bitcoin is trading fairly stable despite the fact that Genesis Global Capital, a larger crypto operation suspended customer redemptions in its lending business, caused by FTX collapse.
Today we are waiting for the EU Inflation at 10.7% and the usual US labor market data at 11:00 and 14:30. Tomorrow at 8 wea re awaiting the UK Retail sales.
Surprises are not unlikely from fed speakers but it could also be a fairly quiet day to take a calm look at the market and consider opportunities to trade and invest – without the need to react.