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Dovish Draghi Dominates Powell As Dollar Spike Wreaks Global Havoc

Courtesy of ZeroHedge. View original post here.

That was a week…

Total chaos in FX, debt, and commodity markets and the S&P 500 ends unchanged?!!

The Dow ended the week red, S&P was manipulated perfectly to unchanged, and Trannies and Nasdaq led the surge…

From The Fed's rate-hike, Dow and S&P are red…

It's Quad-Witch so what else did you expect today? Standard 200 point insta-ramp in The Dow (and VIX-crusher algo to an 11 handle!)… all to get the S&P green for the week very briefly (2779) and run some stops…

The big banks ended the week – an FOMC week – red!

Treasury yields were extremely mixed with the short-end higher and long-end well bid…

10Y Yield briefly tagged 3.00% before plunging..

The yield curve collapsed to a new flattest level since Oct 2007…

In FX land, it was chaos:

  • Dollar Index's best week since US Election (Nov 2016), highest weekly close since July 2017

  • EUR lowest weekly close since July 2017

  • EM FX down 9 of last 11 weeks – lowest weekly close since Nov 2016

EM FX was carnage with Rand, Lira, and Peso getting pounded…

The Argentine Peso was a total disaster…

Despite the SEC-driven bounce, Cryptos had another ugly week – worst since March – with Bitcoin's lowest weekly close since Oct 2017…

Commodity markets were crazy…

  • Bloomberg Commodity Index worst week since Feb, lowest close since April

  • Gold lowest weekly close since Dec 2017

  • Silver's worst week since April

  • Oil's 4th losing week in a row – lowest weekly close since April

  • Copper's worst week since Feb

WTI tumbled back to a $64 handle to close the week and RBOB plunged to 2-month lows…

Gold and Silver were both monkeyhammered on massive volume today…

Gold/Silver soared back to unchanged on the week…

The broad commodity complex was crushed this week…


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