Earlier today the Russian lawmaker Zavalny said the first gas via Nord Stream 2 can flow in JanNo decision on Nord Stream 2 in H1 2022 made according to the head of German network agencySome pushback against Russia here.

European equities down on average -1.00%. US equity futures down too. (Nasdaq -0.95%)
The Vix is above 20.00
Commodities mixed: oil lower, copper higher
Bond yields: flat to lower
FX space: AUD, CAD, NZD lower. CHF, JPY, EUR higher (remember the EUR’s funding currency bias + ECB

Trying to stop the rot, the CBRT intervenes and the USDTRY drops to ~16.50CBRT justification for intervention is ‚unhealthy price formations’This is like starting a fire (cutting rates) and then putting it out (intervening) and going, ‚well done me!‘ If there is one thing we have learnt over the las

14.00% vs 15.00% priorInflation is over 20% in Turkey and the CBRT cuts due to President Erdogan’s unorthodox belief that high inflation is caused by high interest rates. USDTRY up at highs and as stunned as the rest of us. 

The recent risk off moves from Nov 30 where on two things. Firstly, Omicron uncertainty. Secondly, fears the Fed would make a policy mistake. Both those fears are not gone, but are less prominent. 
This is helping risk. Equities are up, volatility is down, yields are flat (but that’s good in context

The EUR saw gains as its funding currency unwound with the JPY and the CHF on the risk off tones after the US thanksgiving. A funding currency is a cheap currency that you pair with high betas (like the NZD). So, the EUR gained on that. BUT the eurozone has surging cases. The services PMI have misse

As mentioned earlier, this is very much a placeholder session as we await the Fed. The dollar remains little changed for the most part while equities and bonds are fairly tentative still on the day.There is a lack of appetite to do much before the Fed, so expect the lull to continue in the hours ahe

The report highlights that Chinese authorities are scrutinising assets of Evergrande and its chairman, Hui Ka Yan, but expect no fire sale for the time being.If anything else, the audit reaffirms how Beijing is taking control of the situation. In turn, it allows authorities to decide on whether a st

Rate futures are showing a 61% chance of the BOE hiking rates tomorrow now and that is up from the below 50% odds before the hot UK CPI report earlier here. The data indicated that UK inflation is at its highest since 2011 and that puts a lot of pressure on policymakers ahead of tomorrow’s key decis

The market is pretty much sitting on edge right now as the countdown to the Fed decision continues.
There isn’t much else for traders and investors to work with in the meantime, so that is leaving a lot to be desired at the moment. The dollar is mildly weaker against the euro but EUR/USD is resting