The National Hurricane Center (NHC) has just updated its forecast for what it is now referring to as a "rapidly intensifying" Category 2 hurricane in the Eastern Atlantic ocean and the results look disastrous for a large swath of the Caribbean and Southeastern United States. Here is a brief summary of Hurricane Irma from the National Hurricane Center released at 11AM EST:
Since the plunge following North Korea's latest missile firing, the dollar has rocketed higher on the heels of a collapse in the JPY (BoJ?) and this morning on a dump in the EUR (after leaked jawboning from ECB) for the biggest 3 day swing since December.
Is this the start of a trend reversal in the dollar?
RBC's head of cross-asset strategy, Charlie McElligott, believes the risks of a tactical dollar reversal are growing...
WHAT IS THE OPPOSITE OF A ‘GROWTH SCARE?’
At the start of the year, we were surprised when SocGen's Albert "Ice Age" Edwards, the biggest perma-deflationist on Wall Street, flipped his outlook on the US economy, and said he now expected a fast spike in inflation driven by wage growth, which in turn would prompt an even more accelerated tightening cycle by the Fed. We did not see it, and said so, pointing out that the bulk of US job growth in recent years has been among industries that have little to no wage power.
Tropical Storm Harvey made its second landfall near Cameron, La. on Wednesday after slamming Houston with a staggering 50 inches of rain, the largest rainfall ever recorded in the Continental US. Given the unprecedented devastation, which will likely leave large swaths of Houston, America’s fourth-largest city, uninhabitable for weeks if not months, storm-watchers have scrambled to revise their initial forecasts for damages.
It's groundhog day as S&P futures, European and Asian shares all rise overnight, while the dollar is set to .