Macro Monday (week 47): Inflection points in global macro?
Global Macro Strategist
Summary: The US Thanksgiving holiday will slow the pace in the latter half of this week but there's plenty else to occupy our minds including China-US relations and Opec meetings, says Saxo Global Macro Strategist, Kay Van-Petersen.
COT: Dollar long cut to three-month low; CHF in demand
Speculators cut bullish dollar bets against ten IMM currency futures by $2.1bn to a near three-month low at $29.2bn. Buying was concentrated in CHF where heightened market uncertainty and volatility led the a near one-third reduction in the net-short.
A FOMC meeting for the ages?
Fed Chair Jay Powell in the hot seat this week as this week’s Federal Open Market Committee meeting arrives with almost unprecedented pressure on the Fed to “send the right message” and signal a path to an aggressive easing cycle. Is the Fed there yet?
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