Emerging Money Daily Audio Call August 3 – On today’s call we review recent price action and start the August trading month with some perspective on global markets.
Commodities under pressure again today and questioning whether futures curves are telling the real story rather than spot. Futures curves show oil and other base commodities through their recent lows and at multi year lows. What are bond yields telling us in addition to what commodity prices are saying…?
EM equities underperforming this AM and back to their recent trend bottom relative to developed markets. We discuss where EM sits relative to history and where the currencies are the primary source of the pain.
NFP on Friday in the US is an obvious driver for commodities and EM but by Friday we may have seen significant additional selling pressure into that print making for an interesting set up for a potential rally.
Have a great week.
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