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AUD/USD: Spec Bet & Technical Setup Increasingly Bullish; Levels To Watch – BTMU

September 12, 2017 Yohay Elam 0

The Australian dollar enjoyed the weakness of the US dollar to advance. Mostly positive Australian data helps as well. What’s next? Here is the view from BTMU: Here is their view, courtesy of eFXnews: BTMU FX Strategy Research notes that the latest IMM positioning report revealed that the AUD has been the main beneficiary amongst […]

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India Sees Lowest Fuel Demand Growth In 14 Years

September 12, 2017 Zainab Calcuttawala 0

India reached a 14-year low in fuel demand as the effects of a massive flooding event that unfolded over the past few weeks become clearer. National oil demand fell by 6.1 percent as Indians in select areas tend to their homes to measure the water damage from stronger than usual monsoon rains. India is the world’s fastest growing oil consumer. The Asian country used 15.75 million tons of fuels last month, about 1 million tons lower than figures from last year from the same month. Demand for diesel – which represents 40 percent of fuel…

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Stocks, Dollar Extend “Not-The-End-Of-The-World” Gains; Bitcoin, Apple Drop

September 12, 2017 Tyler Durden 0

Just keep buying iPhones ‘Murica…

 

Nasdaq underperformed intraday thanks to APPL’s disappointing move, but ripped back into the close – S&P, Dow, and Nasdaq at record highs, (even with Dow hit by MCD and AAPL)

 

AAPL and NASDAQ completely decoupled after the iPhone launch ended…

 

VIX held below 11 today…

 

But one look at NASDAQ VIX shows you all you need to know about today’s farce…

 

Another double short-squeeze for stocks (and fade)…

 

Financials extended their gains, as Utes slipped…

 

Thelast 3 days have been the best for financials since the election – ripping from the 200DMA to the 50DMA…

 

AAPL Shares tumbled after iPhone X was unveiled with a failed facial recognition demo and late ship date…

 

FANG Stocks ended the day unchanged, fading after AAPL’s event began…

 

Treasury yields rose once again, making it back to the pre-H-Bomb test levels

 

10Y yields are back at Harevy/Missiles-over-Japan levels…after a weak auction today

 

Are bond yields playing catch up to stocks?

 

The Dollar Index extended its post-NOT-the-end-of-the-world gains…

 

USDJPY continues to surge (Yen weaker)… (note Cable strengthened today on surging inflation)

 

WTI and RBOB both bounced on the day ahead of tonight’s API data…

 

Gold bounced as Bitcoin was battered after JPM’s Dimon’s comments…

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Venezuela’s Grim Reaper – A Weekly Report

September 12, 2017 Steve H. Hanke 0

Authored by Steve H. Hanke of the Johns Hopkins University. Follow him on Twitter @Steve_Hanke.

The Grim Reaper has taken his scythe to the Venezuelan bolivar. The death of the bolivar is depicted in the following chart. A bolivar is worthless, and with its collapse, Venezuela is witnessing the world’s worst inflation. 

As the bolivar collapsed and inflation accelerated, the Banco Central de Venezuela (BCV) became an unreliable source of inflation data. Indeed, from December 2014 until January 2016, the BCV did not report inflation statistics. Then, the BCV pulled a rabbit out of its hat in January 2016 and reported a phony annual inflation rate for the third quarter of 2015. So, the last official inflation data reported by the BCV is almost two years old. To remedy this problem, the Johns Hopkins – Cato Institute Troubled Currencies Project, which I direct, began to measure Venezuela’s inflation in 2013. 

The most important price in an economy is the exchange rate between the local currency and the world’s reserve currency — the U.S. dollar. As long as there is an active black market (read: free market) for currency and the black market data are available, changes in the black market exchange rate can be reliably transformed into accurate estimates of countrywide inflation rates. The economic principle of Purchasing Power Parity (PPP) allows for this transformation.

I compute the implied annual inflation rate on a daily basis by using PPP to translate changes in the VEF/USD exchange rate into an annual inflation rate. The chart below shows the course of that annual rate, which previously peaked at 1823% (yr/yr) in early August 2017. At present, Venezuela’s annual inflation rate is 1892%, the highest in the world (see the chart below).

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The Real Story Behind America’s New $20 Trillion Debt

September 12, 2017 Tyler Durden 0

Authored by Simon Black via SovereignMan.com,
Late yesterday afternoon the federal government of the United States announced that the national debt had finally breached the inevitable $20 trillion mark.

This was a long time coming. It should have happ…

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Irma’s Last-Minute Westward Shift May Have Saved Florida $150 Billion In Damages

September 12, 2017 Tyler Durden 0

As it traversed the state of Florida, Hurricane (now tropical depression) Irma left a trail of destruction not seen since Hurricane Andrew hammered the state in 1992. But despite the rising death toll, historic flooding and a ruined power grid that cou…

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Is It (Seasonally) Time To Turn To Steepeners?

September 12, 2017 Tyler Durden 0

Authored by Kevin Muir via The Macro Tourist blog,
All credit for the first part of today’s post goes to LongConvexity, the mysterious Ari-Gold-type hedge fund manager, who reminded me of the enormous seasonal effect in the US 5/30 year treasury …

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