King Dollar | Morning Express 9/23/2022
Posted: Sept. 23, 2022, 9:01 a.m.
Global markets have been on pins and needles through this week’s deluge of central bank policy announcements. However, it was fiscal, not monetary policy, that put the icing on the cake. U.K Prime Minister Liz Truss and company announced a plan to boost the economy with tax cuts and spending. In other words, a massive plan of fiscal stimulus. The added supply sent U.K. Gilts plunging. The yield of the U.K. 10-year hit a high of 3.84%, the highest since February 2011, and the U.K. 2-year hit 3.99%, the highest since October 2008. British Pound futures hit a new record low, and the historic move places the GBPUSD at the lowest level since 1985. Nothing like fighting inflation with more inflation. Regardless, the U.S. Dollar has had great underlying strength against all major global currencies, hitting decade highs against the Euro, Yen, and Chinese Yuan. Today’s movements were stoked by diverging monetary policies, with this week’s Federal Reserve meeting being a major catalyst. At the end of the day, the pain cannot stop until the U.S. Dollar hits a blow-off top. Today’s risk-off move in stocks and commodities helps bring us closer to the Fed endgame.
E-mini S&P (December) / NQ (December)
S&P, yesterday’s close: Settled at 3772.00, down 34.25
NQ, yesterday’s close: Settled at 11,565.50, down 144.50
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NQ (December)
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Crude Oil (November)
Yesterday’s close: Settled at 83.49, up 0.55
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Gold (December) / Silver (December)
Gold, yesterday’s close: Settled at 1681.1, up 5.4
Silver, yesterday’s close: Settled at 19.617, up 0.137
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Silver (December)
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