Daily Alert – Wednesday 30th August 2023: Equities rise on bad data

Mark NugentAug 2023, Daily Alert

Daily Alert – Wednesday 30th August 2023: Equities rise on bad data

Good morning.

Yesterday saw moderately risk-on sentiment as the US reported disappointing consumer confidence numbers as well as a significant miss on job openings. The markets saw this lessening the likelihood of further Fed hikes. The USD fell, equities climbed, and US 10- and 2-year yields plummeted.

There are early signs in Spain and a key region in Germany that inflation is far from tamed. We will be watching carefully when German inflation data is published later today and eurozone date tomorrow morning.

I have placed no trades so far this week as I have seen no high-probability setups.

I’ll be back tomorrow, sifting through the eurozone inflation data and what impact the numbers may have on European Central Bank thinking in terms of interest rates and ultimately, the direction of the Euro.

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