Macro Morning

By Chris Becker 

Wall Street was all over the place last night after European markets improved following a dour start to the week here in Asia. Tech stocks dragged the NASDAQ down significantly as regulatory issues surrounded the sector, while most industrials slipped on ongoing trade concerns as Tariff Trump had tea with the Queen. The real moves were in currency markets with St Louis Federal Reserve President Bullard indicating a rate cut in 2019 was on the cards, sending the USD plummeting against the majors and gold alike. This overshadowed the slowdown in the important US ISM print with 10 year Treasuries hitting a new low for the year.

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