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FX Update: A not so peaceful, uneasy feeling
Summary: FX moves were muted yesterday relative to the histrionics in US equities, but the sense of caution was palpable, with the US dollar and Japanese yen rising as volatility spiked and US treasury yields diving sharply in what looks like a bout of safe haven seeking. A PBOC check of liquidity overnight and concerns that the US stimulus package may prove smaller than expected leave us with a defensive stance on risk exposure here.
Podcast: The wheels are coming off
Today, we look at yesterday's mini flash crash in US equity markets and the activity in the retail space - and undoubtedly amplified by other sharp market operators - that is driving an enormous squeeze on the most shorted equity names, most spectacularly yesterday in GameStop. It is a dangerous game that will stop at some point and we encourage traders to exercise extreme caution here. Elsewhere, we dive into the Chinese warning on asset bubbles, focus on US long rates, semiconductor shortages and much more. Today's call with Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.
Market Quick Take - January 26, 2021
Equity markets are slightly traumatized after a zany session yesterday on Wall Street, with retail traders launching coordinated attacks on the widely shorted company Gamestop. As well, Italian Prime Minister Conte resigned yesterday, though this will not necessarily lead to new election. In the US, President Biden declared himself open to negotiating the income cut-off level for stimulus checks.
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