Business

When it comes to its business practices, online retailer Overstock and its CEO Patrick Byrne have a history of being unconventional. From being the first major retailer to accept Bitcoin as a form of payment, to creating a subsidiary which uses the blockchain and related technologies to build services that can track the exchange of financial securities, to Byrne's relentless crusade against Wall Street, all the way to being a quasi prepper (recall "Overstock Holds 3 Months Of Food, $10 Million In Gold For Employees In Preparation For The Next Collapse").

Early USD weakness has suddenly been erased on JPY weakness pushing USD index back to unch. However, the chaos in the currency markets is seemingly sending investors fleeing for silver, gold, and crude as the latter tops $40 and the former hits 3-week highs...

USD Index spikes back to unch on suddeny JPY weakness...

But commdoties don't care...

Crude tops $40...

Silver to 3-week highs...

While the market is still enjoying the post-NFP weekly data lull, economic data starts to pick up again in the coming days, alongside the start of the reporting season. Below are this week's key events.

From DB, a brief recap of all upcoming global events:

With a particularly quiet start to the week today and no notable releases due out, we’re jumping straight ahead to tomorrow where the early data is out of Germany with the confirmation of the final March CPI data.

 

Over the past year, the credit cycle finally turned, and has unleashed the latest default cycle. In fact, as BofA's Michael Contopoulos warned last week, it may be the worst default cycle in history with "cumulative losses over the length of the entire cycle could be worse than we’ve ever seen before."

Bank Bail Ins Begin as EU Bank “Bailed In” In Austria

Bank bail ins in the EU are here after Austria's financial markets regulator FMA imposed a hefty haircut on creditors in an Austrian bank. Creditors in the bank Heta Asset Resolution will receive less than half of their money back according to the country’s financial regulator, the FMA.