With bond yields tumbling, and loan markets suggesting banks are not taking advantage of rising rates to earn more NIM (willingness to lend tumbling), financial stocks are tumbling for the second day in a row to a key technical support level...
the green line (50-day moving average) has held for 3 weeks...
Close up - its clear the 50-day moving-average has been key support...
Makes you wonder what credit markets know?
By Vincent Cignarella is an FX strategist who writes for Bloomberg
The Japanese yen is becoming more and more of a proxy for the Trump trade. If that’s true, dollar bulls better keep bailing.
Since the beginning of the year, the yen has nearly halved its post-election losses and has broken several major resistance levels. This is a signal the currency has momentum. If the dollar drops another leg -- a trading term for a short-term trend - it could be a sign that the Trump-inspired rally is over.
The Chinese were bust over the Golden Week holiday... buying Bitcoin (up from 6350 to 7550 in Yuan). But now that the vacation is over, China's central bank is back to its crackdown and following reports of "closed-door" meetings with various Bitcoin exchanges, the virtual currency was sent tumbling this morning.
One day after Trump unexpectedly won the presidential election, a no less surprising announcement came from hedge fund legend and central bank skeptic, Stanley Druckenmiller, who on November 10, told CNBC "I sold all my gold on the night of the election." Why? Because “all the reasons I owned it for the last couple of years seem to be ending", first and foremost his expectations that inflation is now set to spike, forcing money out of safe assets - like gold and Treasuries - and into the US Dollar.
In an unexpected announcement, India’s central bank left borrowing costs unchanged for a second straight meeting, shifting its policy stance to neutral from accommodative, effectively signaling an end to easing cycle. The RBI left the benchmark repurchase rate at a six-year low of 6.25 percent, on expectations of a 25 bps cut. Central bank authorities left rates unchanged at the last, December 7 meeting, while saying that the policy stance remains accommodative.