U.S. CPI data looms as Bitcoin starts the week with a whimper.
Asian stocks trended down on July 11 as the start to the macro week was clouded by news ofAs protesters demanded the release of frozen funds amid a scandal involving both banking officials and local authorities accused of abusing COVID-19 tracking apps, markets felt the strain.
At the time of writing, the Shanghai Composite Index traded down 1.5%, while Hong Kong’s Hang Seng was 3.1% lower. Europe fared somewhat better with modest growth for the FTSE 100 and Germany’s DAX, with the United States still to open. Prior to Wall Street returning, however, the U.S. dollar index was already making fresh strides higher, cancelling out a retracement which had provided a cooler end to last week.Analyzing the situation, one analyst at trading firm The Rock described DXY as “about as extreme as it gets” in terms of year-to-date growth.“This is about as extreme as it gets historically speaking and, unfortunately, it typically coincides with major financial stress in markets, a recession, or both.
The higher inflation, and the more it diverges from those already high expectations, the more risk assets tend to react in anticipation of a reaction from policymakers.“Going to be messy,” he summarized on Twitter.#1 CPI Inflation. Consensus is higher: 8.8% yoy, 1.1% mom. My view: comes in even higher, large dip gets bought.#3 European gas crisis. Exerts downwards pressure on risk and the euro.
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