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Black Friday, Fake News and Gold
Posted with permission and written by Rory Hall & Dave Kranzler CLICK HERE FOR ORIGINAL)
One week after JPM made the exact same forecast, warning that the recent surge in the USDJPY will fade dramatically as Dollar euphoria shifts to concerns about protectionism, overnight UBS Group’s $2 trillion wealth-management arm said yen traders have got the Donald Trump "trade" all wrong, and the yen will strengthen to 98 per dollar by this time next year.
Via Dana Lyons' Tumblr,
Non-confirmations by the NYSE Advance-Decline Line of new market highs have often signaled major trouble for stocks – will it be the case this time?
In a report confirming that the ECB is preparing for a rerun of a post-Brexit scenario, Reuters writes that the ECB is ready to temporarily step up purchases of Italian government bonds if the result of next Sunday's crucial referendum, which according to WSJ will likely determine the future of not only Monte Paschi but other insolvent Italian banks, "rocks markets" and sharply drives up borrowing costs for the euro zone's largest debtor.