07/08/2019

PBOC Sets Morning Fix Above 7 Tonight

by John Galt August 7, 2019 21:20 ET Watching CNBC-Asia coverage tonight (Bloomberg was getting boring) and for the first time in my memory, they People’s Bank of China just set the domestic Yuan’s morning fix at 7.0039. This was not as weak as market projections but it does demonstrate that the PBOC will not only poke Trump in the eye, but shove a stick up Jay Powell’s tuckus in retribution for not stemming Trump’s trade war before it accelerated. Someone in China must have U.S. equities to sell still because…


Someone, Somewhere Said “Sell it All” Today

by John Galt August 7, 2019 21:00 ET For those who never saw the movie “Margin Call” here is why what I am about to say is so important: The key phrase? Sell it all. Why is this important today? In an era where liquidity appears to be tightening on a global scale and a potential dollar shortage is on the horizon, someone around 4 a.m. EDT liquidated a ton of futures contracts and apparently bought gold, silver, 10 year U.S. Treasuries, Yen, and God knows what else in the safety…


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