Happy Thanksgiving eve. This is the day of the rope for Dollar bears, as demand for the greenback soars to new highs -- sending shockwaves throughout credit markets. The euro is trading with a 105 handle against the dollar, off by 0.7%.
German bund yields are rising again, in addition to the rest of Europe.
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Picking up the torch on the most hotly debated topic by the humiliated US mainstream media, namely the spread of so-called "fake news" (not to be confused with Brian Williams lying for years on prime time TV, and which until recently was branded far simply as "conspiracy theory"), German Chancellor Angela Merkel warned on Wednesday against the power of fake news on social media to roil the establishment and to spur the rise of populists, after launching her campaign for a fourth term.
As we showed yesterday, while the rest of the European bond market has suffered from the some "trumpflation-linked" weakness in the long end as US Treasurys in the aftermath of the Trump election as inflation and new supply fears grow, short-dated German bund yields unexpectedly plunged to record lows...
In a quiet overnight session in which Japan was closed, European shares are mixed as financials and auto weigh, Asian stocks rise led by materials while S&P futures little changed against a backdrop of the continuing commodity rally with oil holding near $48 a barrel, up fractionally on the session. Against a basket of currencies, the dollar index was up slightly at 101.12, very close to a 14-year peak. The dollar also kept most of its recent hefty gains on the yen at 111.05 though it has met resistance around 111.35 in the last couple of sessions