Macro Morning (Trading Week)

By Chris Becker

Last week’s price action was one of confidence replaced by uncertainty as the fallout from the US presidential election continued on diplomatic and other fronts. The ultra long USD positions were wound back as bond prices remained volatile on both sides of the Atlantic, with commodity markets fueled by OPEC cuts and Chinese regulatory squeezes. Coming into the end of the year with a US Federal Reserve meeting looming, Friday nights very solid US unemployment print has locked in an interest rate rise.

As is usual for Monday morning, I’ll step back and take a bigger picture view of each market, using daily and weekly charts.