A solid rebound in DXY last night as EUR fell. The two trend channels are crazy perfect:
AUD is stalled for now:
Oil is going to rain on the bear market parade:
Metals followed:
Miners (NYSE:RIO) fell:
EM stock (NYSE:EEM) and junk (NYSE:HYG) flamed out:
Treasuries sold:
Stocks dumped and pumped to even:
There’s no good news on US inflation. The ADP and ISM services were rock solid and the Cleveland Fed headline index is rising even as CorePCE is stalled at 40bps per month:
There is no Fed pivot in these numbers. If it were to do so then reflation dynamics would roar into commodities and send US prices upwards from 5%.
The Fed is going to go 75bps in November and if still nothing changes, another 75bps in December.
AUD down.