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Phew! This week went a lot better than it could have

Less Volatile

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We started the week worrying about a potential trade war, U.S. wage inflation and what Mario Draghi might say. In the event, the outcomes of all three were perhaps the best we could have hoped for.

Trump opted to use tax exemption as a dangling carrot (or a big stick?) for trade negotiations. Draghi dropped an easing bias without upsetting the apple cart, and the jobs report showed that Goldilocks conditions still apply.

Judging from the volatility complex, talk of a trade war is no longer the dominating driver. It's unlikely the end of the story, but we can look forward to a moment of calm over the weekend...until the CPI report next week.

Source: Bloomberg Pro Terminal

Jr Trader Alexander Kumanov


 Varchev Traders

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