While the excuses are already flowing for the big miss in August's payrolls, markets are reacting with currencies the biggest factor.
Yields are now unchanged...
The dollar dumped immediately and precious metals spiked, bond yields fell marginally and while Nasdaq jumped a little initially, stocks are now all modestly lower...
With payrolls looming (our full preview is here), carbon-based traders around the globe are leery of putting on any major trades and so the overnight session has been rather dull, dominated by the now traditional overnight algo-mediated levitation, which means the VIX is lower and S&P futures are once again modest higher as European and Asian shares continue their ascent.
Authored by Nick Cunningham via OilPrice.com,
The skies are clearing over Houston, but the damage from the remaining elements of Hurricane Harvey has spread east to Port Arthur and Lake Charles along the Texas-Louisiana border. That has knocked more refineries offline, including the largest refinery in the United States.
Here’s a piece of news that the remaining human members of Wall Street’s FX sales and trading desks probably don’t want to hear.
According to the Financial Times, six of the world’s largest banks have decided to join a blockchain project called “utility coin” that will allow banks to settle trades in securities denominated in different currencies without a money transfer. What’s worse, the banks expect to begin live-testing the project late next year.
Here’s the FT:
