The unexpected decline in equity prices Wednesday in the U.S. is likely be end of year related and has carried over into Thursday trading.
Markets have gone into a risk-off posture with the yield on the U.S. 10-yr note falling to below 2.50%, last 2.481%, -3.1bp. Many equity traders mistakenly had gotten set up for "seasonal end of year equity demand". At times, conventional wisdom can be dangerous.
Today sees weekly Jobless Claims and EIA Crude Oil inventories. Expect dealers to focus on equity prices again into year end. Expect activity to start to wind down again for the New Years break.
Many early-bird traders like to establish positions in the period between Christmas and New Years for the start pf the new year. Many will be looking to buy USD into the new year will be disappointed.
Mon 27 May 2019 AAGB/US- Holiday Tue 28 May 2019 A 14:00 US- Consumer Confidence C 13:00 US- Case-Shiller Wed 29 May 2019 A 08:55 DE- Employment AA 18:00 US- BOC Decision A 18:30 US- EIA Crude Thu 30 Mar 2019 AAEZ/CH- Holiday A 12:30 US- Weekly Jobless Fri 31 Mar 2019 AA 10:00 EZ- Flash HICP A 12:30 US- Personal Income, Spending, Deflator AA 14:00 US- Final Univ of Michigan
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