Good evening, Cascadia. Good morning, London!
Today's sudden and extremely compact (but durable - it's like a spike that didn't fall down) US$ rally was almost entirely at the expense of the Euro. A bit against the Pound Sterling, a bit against the Can$, the Yen bobbed but came right back - but mostly? The Euro. I'm not interpreting this because it'd just be speculation. But it's worth speculating about. Maybe ECB comments implying a rate hike isn't in the cards after all
? I don't know.
Crude had its worst day ever, down like $13/barrel. darksumomo interprets this as hitting the 4%-of-GDP limit which triggers a recession
. Gold took it in the teeth but rallied; silver did, and didn't, in that order. Copper futures, interestingly? Also cliffdove. Naked Capitalism has some ideas why
. It stinks of margin issues, but while margin requirements have gone up, those rules don't change midday. I don't know who wanted to get liquid fast, but somebody did, and they wanted USD.
Also, the weekly jobs report stank. No silver lining in it. Much worse than expected, and last week was revised up, like usual. There's no way around it; it's just bad.
All for now. I have a show tomorrow to prep for. Good luck out there.