Business

Following the afternoon weakness in US equities, Offshore Yuan has been limping lower into the fix, not helped by comments from a MOFCOM researcher that "China is able to withstand currency fluctuations" implicitly warning carry traders to stay away and suggesting the dollar's dominance would not last long. CNH is now at 3-week lows against CNY, over 300pips cheap - which prompted the major short squeeze last time.

Submitted by Lawrence Kadish via The Gatestone Institute,

• The current political cycle reveals that many Americans are demanding unprecedented accountability from their elected leaders concerning wasteful spending and policies that have labeled our nation "The United Give Me States of America."

Submitted by C. Jay Engel via The Mises Institute,

There are a handful of themes out there on recent market action that are either totally wrong or otherwise highly misleading. For instance, regarding the recent calamity in the capital markets, one especially apparent dichotomy has presented itself as offering two choices as to what, exactly, is causing the painful turbulence.

Earlier today, we brought you the latest commentary from Bloomberg’s Mark Cudmore who cautioned traders against reading too much into the late week rally that left everyone in a good mood heading into the weekend.

“Thursday’s rally continued strongly into the weekend close, resulting in most global assets recording a positive week,” Cudmore wrote.

Submitted by Michael Lebowitz via 720Global.com,

“What The Fed did, and I was part of it, was front-loaded an enormous market rally in order to create a wealth effect… and an uncomfortable digestive period is likely now.” – Former Dallas Federal Reserve Governor Richard Fisher – January 5, 2016.