Housekeeping: Good Morning.
“”Commodities have greeted China’s return from its Lunar New Year (LNY) holidays in fairly sombre mood, signalling investors want to see further evidence that the authorities are tackling the economy’s deep-seated woes before turning constructive. The “Year of the Dragon” may be here, but it’s not exerting the firepower that commodities are craving just yet.”
-MUFG Report (attached)
Contents
Current Prices
Yesterday’s Activity
Data Due
News
Markets/Metals Commentary
Attached:
Chart of Day:
Yesterday’s Activity:
Precious Metals- Gold peaked higher and found selling once again, Silver met selling all day
Oil/NG- firm, but fading
US equities- no roof in sight
Bonds- Choppy with no real direction
DX- weak open, strong close
Crypto-weaker.. still range bound and uncoupling from stocks
Week’s Data:
MONDAY, FEB. 19 None scheduled, President's Day holiday
TUESDAY, FEB. 20 10:00 am U.S. leading economic indicators Jan. -0.1%
WEDNESDAY, FEB. 21 2:00 pm Minutes of Fed's January FOMC meetingTHURSDAY, FEB. 22 Jobless claims, PMI Feb.
FRIDAY, FEB. 23 None scheduled
Full calendar1
News:
Top MSM News Links Here
NOTABLE HEADLINES
Fed's Cook (voter) said she would like to have greater confidence that inflation is converging to 2% before beginning to cut the policy rate and believes risks towards achieving employment and inflation goals are moving into a better balance, while she now sees two-sided risks in considering monetary policy. - breaking the ice on hikes
Goldman Sachs pushed back its first Fed rate cut forecast to June from May and now only sees 4 cuts this year instead of 5 cuts.- more to come
White House announces more than 500 new sanctions against Russia for its ongoing war in Ukraine- sanctions and annoying tipping points
GEOPOLITICS
US charged four mariners from an Arabian sea vessel transporting suspected Iranian-made advanced conventional weapons.- offsides
"Israeli Foreign Minister: We will not be patient for a longer period in order to reach a diplomatic solution on the Lebanese front", according to Sky News Arabia
China's envoy for Korean Peninsula affairs told US's North Korea affairs official that China will continue to play a constructive role in promoting the political settlement of issues concerning the Korean Peninsula and said all parties concerned should acknowledge the core of the Korean Peninsula issue, as well as address their concerns through balanced and meaningful dialogue, according to Reuters.
Some headlines via NewSquawk
Markets/Metals Commentary (Charts):
Comment: Election range trading.. perfect for Biden
Gold- capped. The buyer is done no-one will sell
Silver- sold all the way up against gold
Oil- also range bound
Stocks- broadening global rally
BTC/ETH- if stocks drop this could get ugly
Bonds- no feel
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