14.06.22 Macro Morning
Chris Becker | Jun 14, 2022 10:20
A bath of blood or AKA wiping out all of 2021’s returns overnight as stock markets crashed on Wall Street. A bear market in stocks is fully underway, while the bottom fell out of the crypto world, which may be more damaging overall. The USD smashed everything undollar with a 1% price rise on the USDX, with Euro, Pound Sterling and the commodity currencies all suffering, with the Australian dollar almost below the 69 cent level for a new monthly low. Bond markets saw a big move higher in yields, with 10 Year Treasuries now at a decade high, up through the 3.4% level to surpass the S&P500 dividend yield. Commodity prices fell back although oil remains strong, with Brent crude still above the $120USD per barrel level, while iron ore and gold dropped more than 2% as the latter was pushed down to a new monthly low after a false breakout to start the week.
Bitcoin first though – like a Stuka!
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