All eyes will be on the Fed minutes today, but only after Bullard gets a chance to convince us that: (1) a rate increase is a real possibility; and, (2) they might just have to lower rates some more.
The problem, as yesterday, is that the dollar still looks susceptible here. And, the US needs the dollar to remain strong (we are importers, after all) without actual higher interest rates (we are in debt up to our eyeballs.)
It’s not helping the yen carry trade much at all. And, with CL at a point of inflection, the riskcontinues to be to the downside. Yesterday’s targets remain in place.
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