futures market

Converting Into The (So Far) Broken Correlation

By Jeffrey P. Snider|2016-05-27T17:12:13-04:00May 27th, 2016|Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

The Chinese exchange rate has traded lower for five consecutive days, and aside from essentially no change last Friday would have been eight in a row. That contrasts with the downward pattern that existed ever since the turn in mid-April where only the general direction was down in not so much a straight line. The slope isn’t dramatic, but it [...]

The Golden Tail?

The positive price action in gold of the last few weeks stands out in sharp contrast to other sectors of the funding market, particularly repo. Under last year’s defiling paradigm, such a collateral shortage as pronounced as what we see now would have been disastrous for gold prices (more collateral demand typically leads to an increase in gold “leasing”, which [...]

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