Chris Becker

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Macro Morning

Risk markets lost their nerve on Friday night in the wake of the Omicron breakout across the world, the new COVID variant proving too much especially for European shares which fell over 4% while Wall Street lost more than 2% in thin trade due to the Thanksgiving holiday. Currency markets were volatile with Euro spiking

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Macro Afternoon

Heading into the end of the trading week, risk markets are falling out of bed due to the latest COVID variant news, with Asian stock markets heavily sold off and USD bid up strongly, although Yen safe haven bidding is also gathering pace.  Gold has broken out somewhat, although this has been overshadowed by other

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Macro Morning

Overnight share markets were relatively quite given the US Thanksgiving holiday with European shares finally putting in a decent positive session, while bond market volatility was lower due to the closed markets. The USD was down slightly against the majors although the Australian dollar remained below the 72 cent level, while gold continues to struggle

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Macro Afternoon

Heading into the end of the trading week, Asian stock markets are starting to find some bullishness helped by lower domestic currencies across the region as USD remains very strong against most of the major currency pairs. Gold is climbing very slowly but has been unable to get back above the $1800USD per ounce level

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Macro Morning

Overnight share markets were still mixed despite a late rally on Wall Street as bond market volatility continued with Treasury 2 years almost at a two year high while the 10 year almost hit the 1.7% handle before slightly retreating. While Wall Street was up, European stocks continued their selloff amid more COVID lockdown concerns,

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Macro Afternoon

The mixed start to the trading week for Asian stock markets continued with most bourses going nowhere, while Japanese share markets reopened with some large losses even as Yen continues to soften against USD. The USD remains very strong against most of the major currency pairs with Euro and Pound Sterling still at weekly lows

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Macro Morning

Overnight share markets remains mixed as volatility from bond markets and a steeper expectation of the next Federal Reserve rate rise (now slated for July 2022) impacted risk taking. Wall Street diverged again with tech stocks taking a beating while European stocks continued their selloff despite a much weaker Euro. USD was largely unchanged but

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Macro Afternoon

The mixed start to the trading week for Asian stock markets continued with a lack of direction quite evident as Chinese bourses continued to diverge, Japanese markets were closed while local shares bounced back sharply. The USD remains very strong against the major currency pairs with Euro looking dire indeed while gold is frantically trying

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Macro Morning

Equity and bond market volatility increased overnight not due to the economic calendar but the twin catalysts of OPEC+ reconsidering their options on the back of oil reserve release plans and the re-nomination of Fed Chair Powell by President Biden. Wall Street was up before the nomination but quickly retraced with the NASDAQ oversold as

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Macro Afternoon

An uneasy start to the trading week for Asian stock markets as Chinese bourses continued to diverge in fortune, Japanese markets tread water while local shares continue to slump. The USD is holding strong against the major currency pairs with Euro looking to put in more monthly lows while gold is trying to hold on

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Macro Morning

Friday night saw risk sentiment continue to wobble with European COVID restrictions pulling down oil prices significantly, with inflation concerns still lingering. Wall Street was quite mixed as tech stocks soared, while the S&P500 faltered alongside European bourses which retreated across the continent. USD strength is back on track with the Euro putting in a

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Macro Afternoon

Another very mixed finish for Asian stock markets as Chinese bourses diverge in fortune, Japanese market clawback there losses while Australian shares were largely listless. The USD is holding ground after a big swingback in Euro previously, while the Australian dollar remains below the 73 handle and gold holds fast at the $1860USD per ounce

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Macro Morning

The latest US initial weekly jobless claims buoyed risk taking on Wall Street which was almost able to get back to its previous highs while a stronger Euro took the sails out of European bourses which retreated across the continent. USD strength is waning temporarily after being extremely overbought following last week’s inflation print, although

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Macro Afternoon

Another poor effort by Asian stock markets but to be expected as both Wall Street and Europe stumbled overnight in the wake of another “surprising” high inflation print, this time in the UK, with inflation fears lingering throughout the risk complex. The USD is maintaining strength against nearly everything, although Yen is holding on to

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Macro Morning

A little bit more risk aversion crept in overnight as USD strength pulled back after surging strongly from last week’s inflation print. The UK inflation print also surprised to the upside, taking the air out of most European stocks with Wall Street eventaully finishing slightly down as well.  Treasury yields fell back slightly but the

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Macro Afternoon

A generally dour day for Asian stock markets following a very bullish session on overnight markets with the burgeoning USD and increased concerns about the Chinese property market weighing on risk markets. The USD continues to gain against nearly everything, with the Euro cracking below the 1.13 handle and pushing the Australian dollar to new

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Macro Morning

Last night saw USD surge against all the major currency pairs on the back of a very positive US retail sales print, with Wall Street almost returning to its previous record highs, as a much lower Euro buoyed European stocks. Treasury yields continued to lift above the 1.6% level again while gold pulled back slightly

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Macro Afternoon

Asian stock markets remain relatively unsettled with a lack of economic catalysts save the volatility on bond markets helping dampen down risk spirits. The USD is relatively strong against the major undollars, with gold pushing past the $1865USD per ounce level while Bitcoin has collapsed through its recent support levels, about to push below the

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Macro Morning

Last night saw the return of bond market volatility with Treasury yields spiking up through the 1.6% level again as the USD rebounded against all the majors, with Euro taking a very deep dive. Wall Street was unchanged as a result with minor scratch sessions, while European shares had solid lifts higher, but look subdued

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Macro Afternoon

A fairly solid start to the trading week for Asian stock markets although Chinese bourses are unsettled as risk markets continue to discard transitory inflation risks just like the Australian government discards its climate change policy the day after COP26. The USD is mixed against the majors although gold is looking a bit tenuous here

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Macro Morning

Friday night showed that the fallout from the US inflation print has been largely contained on risk markets with Wall Street rebounding to almost get back to its record highs while bond markets were contained as volatility reduced again after spiking mid week. The USD actually closed lower against most of the majors, particularly the

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Macro Afternoon

A bullish end to the trading week for Asian stock markets with a rising tide across the region as risk weighs up the rising inflation threat in the US against ongoing property troubles in China. The USD remains quite firm against undollar assets except gold which is continues to consolidate above the $1850USD per ounce

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Macro Morning

The fallout from the US inflation print continued overnight although the closed US bond market reduced volatility in that most important market, leaving shares to lift ever so slightly. The USD continued to advance against all the majors save gold, which is moving higher above the $1850USD per ounce level. Euro again fell back sharply

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Macro Afternoon

Following last night’s US inflation print, shockwaves continue to spread around currency and bond markets, with Asian stock markets caught up somewhat as the USD surges against undollar assets and local shares battered due to a higher than expected unemployment print. Gold remains strong as it consolidates at the $1850USD per ounce level while Bitcoin

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Macro Morning

The big news overnight was the obviously not-transitory US inflation print, up more than 6% annualised, the biggest move in over 30 years which sent Wall Street down sharply and the USD flying against all the majors save gold, which hit the $1850USD per ounce level. Euro almost hit a two year low while the

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Macro Afternoon

Following last night’s risk retracement, Asian stock markets have responded in kind with mild selloffs across the region, not helped by more property debt and iron ore price problems in China. The USD is now firming sharply against the major currencies, particularly the Aussie dollar while Yen safe haven buying has abated only slightly. Gold

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Macro Morning

Stock markets turned from scratch sessions into minor selloffs overnight with a lack of economic news or other catalysts suggesting some buying exhaustion setting in. The USD was largely unchanged against the major undollars, with safe haven buying in Yen abating somewhat, but gold continued its advance above the $1800USD per ounce level. Bond yields

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Macro Afternoon

Asian stock markets remain in a funk as the trading week barrels on after last week US jobs print, with the USD clawing back some ground as the Aussie dollar remains depressed, while Yen safe haven buying is sending Japanese stocks sharply lower. Gold remains strong above the $1800USD per ounce level but the real

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Macro Morning

Equity markets dragged out scratch sessions across both sides of the Atlantic overnight, with European shares pulling back slightly while Wall Street advanced ever so slightly but still put in new record highs. The USD lost ground against the major undollars as the post NFP shakeup continued, with safe haven buying in Yen continuing while

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Macro Afternoon

Asian stock markets are not doing well as we restart the trading week despite solid gains across the board on both sides of the Atlantic on Friday night and some stronger commodity prices.   The USD remains relatively strong against the majors, following Friday night US jobs print which surprised to the upside, with the Aussie