Today Janet Yellen and the FOMC will go back to square one and try to reset global expectations unleashed by the ill-fated December rate "policy mistake" hike, when at 2pm the Fed will announce assessment of the economy (even if not rate hike is expected today) followed by Yellen press conference half an hour later.
Last night we reported that the PBoC is now considering a Tobin tax on FX transactions.
The follows reports that a series of big name money managers - or, as China calls them, “speculators,” “predators,” and “crocodiles” - have placed outsized bets against the yuan.
Was that it for the great February/March bear market rally?
Despite Goldman Sachs "short gold" recommendation - which came within pennies of being stopped out last week - traders, investors, and safe-haven seekers continue to push into the precious metals.
The biggest macro development over the weekend was China's latest "gloomy" economic update, in which industrial production, retail sales and lending figures all missed estimates, however now that we are back to central bank bailout mode, bad news is once again good news, and the Shanghai Comp soared +1.7% among the best performers in Asia on calls for further central bank stimulus while the new CSRC chief also vowed to intervene in stock markets if necessary. In other words, the worse the data in China, the better.