Minutes of the December 18-19, 2018 FOMC meeting These minutes sure read a lot like they’ve been massaged into something more-dovish after the fact. Ultimately, these minutes are stale because they’re three weeks old and there have been plenty of developments since there. There’s also been plenty of talk, including even more dovish talk from…
FOMC minutes of the December meeting post is here from earlier: FOMC Minutes: Many officials felt Fed could be patient on further hikes Bank responses are coming through, here’s a couple In summary).
Below the day MA The dollar has moved higher today after a wander lower over the last month or so. Looking at the dollar index daily chart above, the high in December stalled near the November high. That helped to turn the bias lower (see green circle 3).
Pairs break to the upside failed Coming into the day, the GBPUSD had a range of less than 100 pips. That would have put a weeks trading range at the lowest since 2014. That is a long time ago.
Crude drops The market has been turned on its head in the past hour as the US dollar jumps and everything else slumps. Oil was at the leading edge of the reversal after topping out at $53.31.
Major indices down about -0.5% The major US indices are opening in the red. That jeopardizes the 5 day higher close for each of those indices. The snapshot of the market shows:
Trump wants a stronger yuan This is possibly the most-important chart for the global economy. It’s the exchange rate between the world’s two biggest economies; the US dollar against the Chinese yuan.
New York Fed tracking estimate The lack of economic data because of the government shutdown is hindering these estimates. ForexLive
New York Times report The ultimate treason would be if Donald Trump was actually a Russian agent or was so compromised that he was effectively working for Russia to undermine America’s interest.
Trump on twitter There are no signs of the shutdown ending or the wall being built. This all sounds like Trump is ramping up to declare an emergency and build it anyway.