S&P 500 up 3.3%, Nasdaq up 4.3%Gold down $90 to $3233WTI crude oil up 94-cents to $61.96US 10-year yields up 9.8 bps to 4.47%USD leads, JPY lags
It was a huge day in terms of market moves, as you can see from the bullet points above. In terms of news flow though it was light in North American trade as the data and Fedspeak calendar was mostly bare. Trump did a victory lap and showed no sign of hesitancy or reversing his position. We can only hope that he's fallen in love with green on the tape once again.
I don't think anyone in markets has a great deal of confidence in where this is all headed or what will come next but for now there is a clear push to de-escalate. If you take a longer view, there's a good argument that the early moves were an attempt to stake out a minimalist negotiating position in order to negotiate back to a 10% tariff that at least some countries (like the UK) will swallow.
The big losers on the day were CHF and JPY, which is what you would expect in this environment. The market feels much better about the chances for global GDP growth and a re-coupling of world's two-largest economies in the 90 days ahead. I certainly don't believe that all the angst about Trump has dissipated but it's fair to price in something of Trump put again. I don't think it ever had to be this volatile but Trump has never been a stranger to drama.
This article was written by Adam Button at www.forexlive.com. Read More Details
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