Yesterday all three major us indices closed mostly unchanged after erasing some early gains. Eurostoxx recovered 0.6% and the Dax +0.9%.
The dollar gained slightly and precious metals were equivalently weaker with the only notable development coming from further bond gains that came on the heels of L. Kudlow’s calling on the Fed not “to overdo it” (most likely after next week’s baked in tightening).
Being temperamentally very similar to his boss, we can expect more of the same “great” trade tip such as buying the dollar and selling gold which will amount to a whole lot of nothing in the end, in our view.
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