Global markets came off record highs, trading subdued, with US index futures unchanged as traders are unwilling to make major moves ahead of today's ECB minutes and tomorrow’s NFP release, and before speeches by central bankers including SF Fed President John Williams and the potential next Fed chair Jerome Powell, as well as ECB executive board members Peter Praet and Benoit Coeure.
"I want it all... and I want it now...!!!"
While U.S. equity futures were little changed in a rerun of every other morning this month ahead of a diagonal ramp that closes the S&P at daily all time highs, things were more volatile elsewhere with the dollar sliding as investors weighed the possibility that current Fed Governor Jerome Powell, seen widely as far more dovish than Kevin Warsh, might take the reins from Janet Yellen, who Bloomberg reported was said to be getting the cold shoulder.
Authored by Chris Hedges via TruthDig.com,
With China still enjoying their National Golden Week holiday, it appears the algos are unable to maintain their normal patterns of behavior...
Instead of the ubiquitous rise in USDJPY, sparking risk-on sentiment for all to follow, tonight USDJPY is falling at the open and that means gold is up (albeit marginally)...
But it's not just JPY, all the majors are bid versus the greenback sparking a notable downdraft to the Dollar Index...