There is something ironic in the latest monthly Fund Manager Survey from Bank of America. On one hand, a net of 34% of survey respondents said equities now the most overvalued in the past 17 years, in other words either fund managers were still in middle school when it happened and don't recall the 2000 dot com bubble, ofparadr they do, and are confident that the current market is an even greater bubble.
Since The Fed's 'dovish' rate hike last week, the dollar index has been tumbling. Today's drop takes the greenback to its weakest since Nov 10th - almost erasing the entire post-Trump gain.
This is the 5th down day in a row for the Bloomberg Dollar Index
This is the biggest 5-day decline since March 2015 and The Dollar is now unchanged in 2 years...
Finally we note that DXY is less than 100 once again...
Silver 1/ 70th The Price of Gold – Silver Eagles Buying Jumps
Having returned from a brief hiatus, Richard Breslow, a former FX trader and fund manager who writes for Bloomberg, is back with some much needed warnings.
Maybe traders really do prefer to be kept in the dark. We clamor constantly for better communication and a detailed plan. But it’s difficult to look at where global markets are trading and conclude there’s any penalty for the utter lack of clarity. It seems that everyone has simply concluded that you have your priorities and I have mine: and John Nash had better be right.
European stocks are modestly in the green as gains in banks and oil companies offset declines in miners. Asian stocks and S&P futures rise with Emerging-market stocks extending their longest winning streak since August on the back of the 5th consecutive daily drop in the USD.