The dollar today...
Video length: 00:01:12
Summarizing the week's moves: Dollar dump sparks buying binge in bonds, bullion, and stocks (but sinks FANG Stocks)
Early gains - once again thanks to Gary Cohn confirming he is not resigning - topped out as Yellen's speech was released. Once Europe closed, stocks went bid as usual, with some noise around Draghi's speech, but the close was ugly...
Nasdaq ended red...
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A big rip in Trannies sees all the major stock indices green on the week...
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S&P 500 remains below its 50DMA...
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NOTE that after Yellen and Draghi, stocks slid...
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FANG Stocks fell on the week...(NOTE no afternoon bounce today)
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Treasury yields tumbled after Yellen's unhawkish speech, pushing all but 2Y lower on the week...
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30Y Yield ended back near June 26 lows, dropping on Yellen's speech (NOTE the pop and drop in yield as Draghi's speech dropped)...
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The Bill curve remains seriously inflected BUT the spread across the end of September did drop very modestly today...
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The Dollar Index was the most obvious vehicle to react to J-Hole chatter today, tumbling to its lowest level since July 2015 after Yellen offered nothing 'hawkish'...
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Intraday, the moves are clear as Yellen and Draghi spoke...Biggest down day for the dollar since March 15 rate hike...
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EUR was the week's biggest gainer...
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EURUSD spiking above 1.19 to the highest since Jan 2015...
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Dollar's drop helped support commmodities with copper outperforming, gold and silver both up (but crude down on Harvey hammering)...
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Quite a volatile week in the energy patch with inventory data, production, and Hurrican Harvey confusing machines everywhere...
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Gold traders were a little shocked at the farcical manipulation that happened in the minutes leading up to Yellen's speech... In a span of just one minute, 21,256 gold future contracts, equal to more than 2 million ounces of the precious metal, were traded before her speech was released after gold futures tagged $1300 on Kaplan comments...
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Gold leads the way in 2017 - outperforming the S&P and bonds so far...
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Finally, it was an ugly week for "hard data" economic surprises - which dropped back near their weakest since March 2015...
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