Gold Market Dislocates as Physical Supply Hit

Dealers are reporting a dislocation in the spot gold market as the basis risk between futures and physical has blown out over physical delivery concerns. One source reports prices up to 30 big figures wide on some platforms quoting physical while the Comex futures spread remains locked around 30 cents wide. The problem stems from […]
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VaR Shock Has Led to “Clean” EM Positions: Morgan Stanley

New research from Morgan Stanley has concluded that emerging markets investors faced a “VaR shock” in the first two weeks of March which led to the “unprecedented” weakness in EMFX markets as they cut overweight positions., but that shock has passed. The research, by Min Dai, head of Asia Rates and FX strategy at Morgan […]
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Difficult Trade Offs, Unprecedented QE, Accelerating Infection

Americans who in even greater numbers are staying at home Monday were suddenly being asked to choose between two virus scenarios; one espoused by medical experts, the other by people newly afraid the economy is being irreversibly crippled, President Trump among them. Which view leads to the most prudent outcome, either an early relaxation of […]
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Liquidity Thins Out as Conditions Take Toll on FX Market

Conditions in FX markets are deteriorating steadily according to market sources as liquidity providers (LP) ration precious resources and battle widespread shut downs of offices. Spreads, which have been gradually widening over the past few days, have continued to do so Monday with dealers reporting top of book spreads on FX platforms anywhere from between […]
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Congress Hits a Speed Bump on the Way to Spending Nearly $2 Trillion

As US cases of the coronavirus now double every two and a half days, more than 84 million Americans are spending a bleak Sunday night facing a week – and maybe months – ahead, either off the job or teleworking, separated from relatives and friends, seeing paralysing discord on Capitol Hill where the virus is […]
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US Existing Home Sales Surge, But Cliff’s Edge is Near

NAR’s Yun Downplays Above-Expected Sales, Cites Slower March Traffic US home resales surged in February, rising by 6.5% to a 5.77 million annual rate, the strongest in 13 years and well ahead of expectations for a 5.51 million pace. But any positive momentum to be found in the February jump is blunted by the reality […]
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Market Fear Peaks Too Early? Infection Rate Higher

White House Watch updates on investigational drugs, therapies and markets. US stock indices started flapping in what seemed to be a changing wind Thursday, improving even in the face of rapidly worsening counts of coronavirus infection combined with surging oil prices. The day’s charts showed the oscillating path of trading as stocks erratically sketched a […]
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Canada Plans CAD 82 billion in Pandemic Relief Package

Canada is promising $82 billion in financial relief to soften the blow of the pandemic crisis that is causing massive upheaval and uncertainty in this country and around the world. Prime Minister Justin Trudeau announced Wednesday that his government would provide up to $27 billion in direct support for Canadian workers and businesses impacted by […]
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‘War-Time’ President Takes Control of Factories

White House Watch: Congress in focus as virus aid measure proposals balloon, while ‘Depression’ becomes the new watchword as deterioration deepens. What seemed premature and too extreme one day turns into coronavirus response moves that appear to be too late the next day, and Congress grappled Wednesday with the challenge of keeping up with a […]
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Govt Mobilising as President Tries Bipartisanship

White House Watch looks at the government’s ramped up efforts to fight the spread of coronavirus. The mobilisation of federal government resources to fight the spread of the coronavirus appeared to take giant strides Tuesday and an increasingly focused President Trump extended an olive branch to New York’s governor and other Democrats although not to […]
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