By Chris Becker
Until Friday night there were next to no economic catalysts in the form of news or releases to get worried about, so risk markets were in “steady as she goes” mode, for the most part. The USD was broadly weaker before pre-empting Friday night’s September CPI print in the US and then snapped back to its downtrend as all the majors – and gold in particular, which soared back above $1300USD per ounce – advanced against King Dollar. The print came in as expected, but the lack of political progress by the White House and Congress on tax reform is weighing on bond and currency markets, as stocks just keep making new highs.
As usual for Monday mornings, I’ll take a step back and look at markets with a longer term view as my “Trading Week”.