USD/JPY is up slightly to 113.70 today but the gains aren’t suggestive of much for now.
The slight nudge higher comes as the dollar is keeping firmer across the board so far. Elsewhere, Treasury yields are slightly more subdued with 10-year yields down 1.5 bps to 1.474%.
Looking at the near-term cha

US November CPI +6.8% y/y vs +6.8% expected
US U Mich December consumer sentiment 70.4 vs 67.1 expected
Biden says he thinks inflation is at a peak
US November budget deficit $191B vs $195B expected
Baker Hughes oil rigs increase by 4 to 471 in the current week
The latest S

It’s another record for the S&P.

S&P index closes at a new record high

The S&P index is closing at a new record high. The index is surpassing the November 18 high close at 4704.55. The index closed at 4712.01. The S&P index also had its best week since February.  The index rose 3.8

South Africa is just out with its latest covid data as the world tracks the outbreak there.
The nation conducted 83,515 tests, which is the most in the recent outbreak. Despite that. cases fell to 19,018 from 22,391 the day before when there were 75,251 tests administered. Shown another wa

 bitcoin daily

Bitcoin is up $295 today and that’s technically a victory but earlier in the day it rose above $50,000 before giving nearly all of it back. It was last trading just above $48,000.The daily chart isn’t promising. I looked at recent episodes where there have been large drawdowns

AUDUSD on the daily chart

The AUDUSD will be snapping a 5-week down streak. Since peaking on October 28 at 0.7555, the price has moved down to a low last Friday at 0.6992. That move was good enough for 563 pips from high to low. 
This week, the low was on Monday just above that last w

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The RBNZ is the most bullish major central bank. Exports up, GDP projected to grow, unemployment at multi year lows, house prices high, inflation at multi year highs, the RBNZ voicing desires for a stronger NZD and projected to hike to 2.6% by December 2023. This was brought forward from Q1 2024 at

There are mixed forces for gold. Seasonals are very strong with the end of December through to the end of February being very strong for gold. However, if real yields break higher on a hot CPI print gold looks vulnerable to falls. 

Note that the monthly gold chart has a very bearish patte

Central Bank of the Republic of Turkey announced intervention in the market earlier this am saying they were selling transactions ‚due to unhealthy formations in exchange rates‘. 

Livesquawk asking is the CBRT defending 14.00 in USD/TRY? Certainly looks like it. Intraday priced pulled back on