Newly Fabricated Perceptions. This would be a more accurate augmentation of NFP. Payroll numbers are hardly something that can be calculated by spreadsheet. They are more like readings of weather patterns or readings of the tea leaves.
What we can infer though is what the market may be thinking as we head into the numbers. Though this time around even this is moot. It is July 4th. ID4. The day aliens invade our planet. In such circumstances, not many would be trading financial markets. And if the aliens don't arrive, most would be on holiday anyhow and price moves are likely suspect.
This perhaps can explain why the USD has sold off against major currencies in the last 24 hours and why this has happened while US yields have risen. This doesn't make sense until it does when we think about the timing of this.. The US Independence Day and NFP - a two pronged attack on liquidity this week. Price action in such a week is certainly not enough to derail the greater trends of higher yields and a higher USD.
By Chartonomist.
No comments:
Post a Comment