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USD, Wall Street, gold: Risk seems to be falling apart at the seams
Weak demand for US 7-year treasuries sent Wall Street indices lower on Wednesday, on concerns that funding the US deficit will drive up yields alongside ‘higher for longer’ Fed rates. And that manifested with a higher US yields curve and a stronger USD, which enjoyed at strongest daily performance in over a month. This week I have warned of a potential pullback on US indices, the Nikkei 225, gold, copper alongside a stronger US dollar. And so far, all boxes have been ticked. The question of course ifs whether this is a minor bump in the road or the beginning of something far more sinister. charts Gold formed a ... (full story)