September 27…)
Quite a bit of inflation data this morning at 8:30. I’m not if sure it matters now. France and Spain inflation came in sub 2%. Odds for an October ECB cut went up. Everyone is cutting except Japan. Even Mexico cut rates yesterday.
In the news,
Japan took a hair pin turn to the right yesterday, electing a military and financial hawk. Nationalism is rising with a wave of oriental MAGA. Reading through Ishiba-san’s comments this morning he sounds downright Trumpian.
In the markets
The Yen found support at its 200-day MA, now trading a few pips up on the week but still well below the marrow of its highs on August 5. If Ishiba’s bullish on Yen, I’m bullish on Yen.
The Nikkei fell in step with China yesterday but dipped a modest 3% today.
However, the CSI 300 rallied 4.5% on Friday ending the week +16%.
In weekly futures data silver is pressing twelve-year highs again. Spot silver made a twelve year high yesterday. Total silver ETF holding are inching up now just 10 mm toz. from a new 2024 high.
Copper is having a spectacular week and it may get more spectacular.
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