European stocks dropped, Asian and EM market rose, and S&P were lower by 0.3% as investors assessed the latest overnight carnage in the USD which plunged to the lowest level since the start of 2015, sending the USDJPY tumbling to 107, the euro extending gains to just shy of $1.21 and a slowdown in China’s export growth which however did not prevent the Yuan from posting its best weekly gain on record.
Authored by Soeren Kern via The Gatestone Institute,
Few anticipated that the UK would vote to leave the UK. Even fewer expected that President Donald Trump would defeat Hillary Clinton in November’s US presidential election.
So unsurprisingly, members of the internationalist class of workers who populate urban centers like New York City and London – and who have the most to lose from nationalist economic and immigration policies - now perceive the US and Britain as less friendly to foreigners, not to mention less politically stable, according to a survey of 13,000 expatriates of 166 nationalities that was cited by Bloomberg.
Having plunged by the most in 6 months during the US day session, the dollar is continuing to get pounded across AsiaPac with Hong Kong Dollar and Yuan surging. Gold is extending gains, breaking above the spike highs from election night...
The Dollar Index is in free fall...This is the 7th straight down day for the USD Index...
There is not much support below here...
Driven by widespread selling across Asia... The last 3 days have seen the biggest collapse in the dollar since the start of January.
S&P futures are flat, still spooked by the WSJ's report that Gary Cohn will not be the next Fed chair, while both European stocks and Asian shares gain in a overnight session on edge in which everyone is looking forward to today's main risk event: the ECB meeting and Draghi press conference due in under two hours. The dollar continued to weaken against most G-10 peers as tensions over North Korea, concerns over Stan Fischer's resignation and the increasingly cloudy Fed outlook outweighed positive sentiment from the US debt ceiling extension.