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FX Update: USD slips lower again. TRY focus for EM.
Yesterday saw record highs for gold and tech stocks and a record low for US treasury yields for 2-year and out to 10-year benchmarks, with a weaker US dollar clearly helping things along. In EM, the focus is squarely on the Turkish lira as USDTRY poked above the 7.00 level that Turkey has been trying to defend of late.
Market Quick Take - August 5, 2020
Gold prices rose to new record highs, with spot gold clearly 2,000 per ounce for the first time. After an early wobble on Wall Street, US equities closed at new highs for the cycle driven by technology stocks and the US dollar wilted, while safe haven treasuries were strongly bid, taking the US 10-year treasury yield benchmark to its lowest daily closing level ever at 0.507%.
Macro Dragon: Gold +$2000, BYND +6%, NKLA +6% & Not the Pièce de Résistance
Macro Dragon = Cross-Asset Daily Views that could cover anything from tactical positioning, to long-term thematic investments, key events & inflection points in the markets, all with the objective of consistent wealth creation overtime.
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