Good morning. US equity futures are a little lower, sp -4pts, we're set to open at 2078. USD is -0.1% in the DXY 94.70s. Metals are bouncing.. Gold +$5. Oil is -2.5% in the $40s... ahead of the Sunday Doha meeting.
RE: China GDP: 6.7%.. inline with market consensus. As ever... being a number coming from the communist regime... make of it... what you will.
The hourly equity cycle is set for a MACD bearish cross this morning, and in theory, will likely tick lower across the day... offering a weekly close around the gap zone of 2065/61. Even if that is achieved.. it'll still make for a net weekly gain.
The looming Doha meeting is clearly spooking some of the oil traders...and now the $40 threshold is back in play.
Doomer chat: Hunter with Kirby
Frankly, most of what Kirby says is ludicrous.. at least in terms of time. Its the same old 'dollar doom' chatter... which we've been hearing for over a decade.
The USD is the best of the FIAT paper out there, and its bizarre to imagine that many are still expecting all paper currencies to depreciate at the same time.
Few (aside from Armstrong) seem to mention that many foreign held debt is denominated in USD, meaning there is an underlying bid for the dollar across the world.
Without question, the Euro and the Yen are the currencies facing destruction.... not the USD.
Update from Mario of SMF.
I don't often highlight Mario... but his broader outlooks are usually worth listening to. There is also a video for the Dow, click HERE.
Japan: -0.4% @ 16848
China: -0.1% @ 3078
Germany: -0.5% @ 10041
Have a good Friday