Negatives, Negatives….
A kind of uneasy feeling surrounds markets today and I can see only negatives on the horizon:
- Japanese Yen and Australian dollar – currencies involved in financing equity bets moved against financing users.
- Peripheral Europe bond spreads rose in recent weeks; Greek are even close to pre-bailout levels.
- Hungarian Forint vs. Swiss Franc again close to all time highs. If it moves higher we could have first real default here.
- Existing home sales will be reported later today; a lot of indication we are bound for a big miss to the downside.
- U.S. Q2 GDP will be revised sharply lower on Friday
- Durable goods orders report on Wednesday – the consensus of +2.5% seems pretty high.
Australian Dollar, Greece, Hungarian Forint, Hungary, Japanese Yen, Swiss Franc, U.S. Durable Goods Orders, U.S. GDP