Marc Nemenoff
PRICE Futures Group
Financials: Sept. Bonds are currently 5 higher at 138’23, 10 Yr. Notes 3 higher at 125’16 and the 5 Yr. Notes 2.5 higher at 119’10.2. Lack of any news or relief of Global tensions are keeping these markets in a tight range for the moment. We remain soread long 10 YR. Notes/short Bonds from the 12’16 area premium the Bonds (now at 13’06).
Grains: Dec. corn is currently fractionally higher at 369’0, Nov. Beans 2’6 higher at 1060’4 and Dec. Wheat 1’4 higher at 550’2. We remain long Dec. Corn with a protective sell stop at 363’2.
Cattle: We are currently on the sidelines.
Silver: Sept. Silver is currently 4 cents higher at 21.05 and Aug. gold 3.00 higher at 1309.50. We remain long Silver.
S&P's: Sept. S&P’s are currently 3.00 higher at 1978.00. Better than expected earning from tech related stocks are helping to keep markets at current near record levels. We continue to hold a combination of short futures and short the Sept. 1900 puts.
Currencies: As of this writing the Sept. Euro is currently steady at 1.3468, the Swiss 1 higher at 1.1087, the Yen 6 higher at 0.9867 and the Pound 27 lower at 1.7025. We continue to hold short biased positions in the Euro.
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EUR/USD retreats from session highs but manages to hold above 1.0650 in the early American session. Upbeat macroeconomic data releases from the US helps the US Dollar find a foothold and limits the pair's upside.
GBP/USD retreats toward 1.2450 on modest USD rebound
GBP/USD edges lower in the second half of the day and trades at around 1.2450. Better-than-expected Jobless Claims and Philadelphia Fed Manufacturing Index data from the US provides a support to the USD and forces the pair to stay on the back foot.
Gold is closely monitoring geopolitics
Gold trades in positive territory above $2,380 on Thursday. Although the benchmark 10-year US Treasury bond yield holds steady following upbeat US data, XAU/USD continues to stretch higher on growing fears over a deepening conflict in the Middle East.
Ripple faces significant correction as former SEC litigator says lawsuit could make it to Supreme Court
Ripple (XRP) price hovers below the key $0.50 level on Thursday after failing at another attempt to break and close above the resistance for the fourth day in a row.
Have we seen the extent of the Fed rate repricing?
Markets have been mostly consolidating recent moves into Thursday. We’ve seen some profit taking on Dollar longs and renewed demand for US equities into the dip. Whether or not this holds up is a completely different story.