FX Update: EURJPY overextended if EU outlook sours again.
The rise in yields after a weak T-bond auction yesterday has largely been erased in pre-New York trading today as risk sentiment soured in Europe, possibly on COVID-19 news flow combined with weak employment data. The euro is under modest pressure and EURJPY looks a bit over-extended to the upside if we are set for a bout of concern on the EU growth outlook.
Podcast: US S&P 500 challenging all time highs
Today we look at global equities rebounding strongly after what proved a mere one-day correction on the concern that long yields had backed up sharply earlier this week. We also drill down and look at a number of single stock stories and assess the prospects for AirBnB and Palantir IPOs. Commodities and FX highlights also in the discussion in today's call
Market Quick Take - August 13, 2020
Equities stormed back higher yesterday, wiping away the wobble of the previous day that was likely inspired by the sharp backup in long US yields earlier this week. A solid US 10-year auction helped yields ease slightly lower. In Europe, the DAX managed a close back above the pivotal 13,000 level, even as EURUSD rebounded to 1.1800