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Stocks Tank, Yields Up & USD at 20-yr high

23 August 2022 Written by Stuart Cowell  HF Markets Head Market Analyst Stuart Cowell

USDIndex pushed to 20-yr highs over 109.00 (August low 104.5) and pressured EUR (under parity with Energy concerns weighing) & GBP (under 1.1750 with political and energy concerns weighing too).  Stocks tanked across the board (NASDAQ -2.55%) and Yields rallied (+1.78%) with the 10yr holding over 3%, and the yield curve still 30+bp inverted. Asian markets followed through too, (Hang Seng -0.81%, Nikkei -1.20%) and European FUTS are lower. Oil gyrated over $4.70, after Saudi Energy minister said they may have to CUT production. Gold down again, holds at $1735 and BTC broke under $21k now.

Overnight – PMIs miss – AUD Services under 50.0 and contracting at 49.6 vs 54.0, JPY Manufacturing 51.0 vs 52.1, BOJ Core CPI, hotter 1.8% vs 1.5%. 

Week Ahead – Jackson Hole 25-27, Global PMIs from 23/8, US Durable Goods  24/8, US & German  GDP 25/8 & US PCE 26/8.

Today - UK & US Flash PMIs, EZ Consumer Confidence, US New Home Sales, Fed Discount Rate Minutes, Speech from ECB’s Panetta. Biggest FX Mover @ (06:30 GMT) EURJPY (-0.57%). Rejected  138.00 yesterday and under 136.00 now. MAs aligning lower,  MACD histogram negative & signal line falling, RSI 23.36 OS & falling, H1 ATR 0.212, Daily ATR 1.37.




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