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Latest news from #SaxoStrats
FX Update: The US dollar is trying to break down again
The US dollar index finds itself close to the lows of the year this morning as EURUSD posted a new high and the USD was offered almost across the board this morning. The move may be able to extend here with little fuss if the US treasury market stays calm and the FOMC minutes tomorrow evening fail to shift the view on the Fed. Elsewhere, Hungary and Chile are making rare splashes in our daily comments today.
Crypto Weekly: Energy-intense cryptos in headwind
Crypto traders are still trying to pick up the pieces after a wild week with large drawdowns in the crypto market. The market turmoil has brought increased focus on "green" vs. energy-heavy cryptos, and crypto funds experienced a net outflow of Bitcoin investments, partly replaced by an inflow in altcoins.
Gold and silver break higher with multiple tailwinds at play
Gold's six week rally continues and together with silver it has broken through a couple of key upside levels. Driven higher by a weaker dollar, stable Treasury yields, Middle East tensions, raised volatility in cryptos together with a general strong appetite for metals. The latter also impacting copper which following a brief pause trades higher on worries elections in Chile and Peru may reduce mining companies ability to increase production.
Podcast: USD biting the dust
Today we look at the US dollar biting the dust as real US yields continue to decline and the long end of the US yield curve remains quiet despite fireworks elsewhere of late. Also, a look at interesting signals out of Europe, where optimism remains high, yields are pushing on cycle highs and Hungary surprised with an indication that it may hike rates as early as next month. Commodities markets are also in focus on Chilean election news and gold ripping to new highs on the US real yield story. Sterling, equity valuation perspectives, earnings, and the economic calendar ahead also on the call. Today's pod are Peter Garnry on equities, Althea Spinozzi on fixed income, Ole Hansen on commodities and John J. Hardy hosting and on FX.
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