FX Breakout Monitor: USD poking at breakout levels amidst record calm
Record low volatility and a recent past littered with failed directional momentum trades are not inspiring confidence for breakout prospects, but the US dollar is poking at important upside break levels in places if it continues higher from here after starting with a recent break higher in USDJPY.
Saxo Quarterly Credit Impulse Update
Our proprietary leading indicator, Credit Impulse, which tracks the flow of new credit from the private sector, is at a turning point. We expect that global credit impulse will become positive in the coming quarter, which confirms our positive narrative for the global economy in 2020.
FX Update: New record lows in FX options implied volatility, but...
This FX market is well and truly as dreary as it has ever been as broad measures of 3-month FX implied volatility have reached fresh record lows. On the bright side, low volatility can mean longer term opportunity. For now, hopes for drama rather muted as we are set for signing ceremony of the US-China trade deal at the White House later today.