Business

Restoration Hardware shorts had it too good for too long.

After reporting abysmal numbers in Q3 2016, Q1 2016, Q4 2015 - when the company went so far to blame its own crashing stock price for poor earnings - RH stock more than doubled after its better than expected Q4 2016 numbers as long-suffering investors (not to mentioned squeezed shorts) assumed that that was finally it: that the company has finally turned the corner. It all came crashing again last quarter, when as we reported "Restoration Hardware Imploded After Terrible Guidance, Bizarre Disclosures."

If you are wondering what is dragging the dollar down to 32-month lows, perhaps you should add this to the calculus...

Politico reports that President Donald Trump suggested to congressional leaders on Wednesday morning that votes to raise the debt ceiling could be done away with altogether, according to three people familiar with the conversation.

Authored by Lance Roberts via RealInvestmentAdvice.com,

Last night's first glimpse of Harvey's impact on energy confirmed a sizable crude build but only modest gasoline draw. WTI/RBOB prices slid into the DOE print and extended losses (after a quick kneejerk higher) following a bigger than expected crude build (+4.58mm vs +4mm exp). Gasoline and Distilates saw bigger draws than API reported but it was the collapse in Lower 48 crude production that stood out with most of Texas offline.

API

Having concluded that Draghi's speech was on the margin dovish, not least of all due to Draghi's parting shot at Euro bulls, saying that "nothing will derail ECB's will to deliver inflation", a refreshed version of "Whatever it takes", the EURUSD has since slumped from session highs, and was back under 1.20, in fact filling the entire post-Draghi gap, driven in part by the release of the ECB's currency forecasts, which are far below the spot rate going all the way to 2019.

This is what the ECB now forecasts: