Latest Posts

rss

Pimco to gradually invest and trade more in cryptocurrencies

  
Analysis, BITCOIN

PIMCO’s chief investment officer spoke in a CNBC interview.

  • “Now we’re looking at potentially trading certain cryptocurrencies as part of our trend-following strategies or quant-oriented strategies, then doing more work on the fundamental side”
  • “So this will be a gradual process where we spent a lot of time on the internal diligence side speaking to investors. And we’ll take baby steps in an area that’s rapidly growing.”
Pacific Investment Management Company (PIMCO) is a US firm that manages circa US$1.9 trillion in assets
BTC has been on a rip:
PIMCO's chief investment officer spoke in a CNBC interview. 

US dollar trades to new lows

  
Analysis, Forex

USD is the weakest of the majors

USD is the weakest of the majors

The US dollar is the weakest of the major currencies with declines versus all the majors. The fall is led by the decline in the NZDUSD which continues to be supported by the expectations the RBNZ will continue their tightening process going forward.  The NZDUSD has been up for 6 consecutive days and in the process has moved up around 300 pips.
Currently, the USD is trading to new highs versus ALL the major currencies in the current hourly bars.
The US yields are off their high levels. The 10 year is trading at 1.63% versus 1.673%. The five year is trading at 1.1444% versus 1.193% high.

Dow Jones industrial average reaches a new record high

  
Analysis, US Market

New record high at 35643.30

The Dow industrial average is trading to a new record high. The move surpassed the old high at 35631.19.

Dow industrial average

The new high just reached 35643.30.
The S&P index currently trades at 4537.55. It’s high for the day reach 4540.87. Its all-time high is up at 4545.85.
The NASDAQ index is currently up 10.85 points or 0.07% at 15140. That is well off it’s high price of 15178.39. The index is still 1.8% away from its all-time high

Silver comes to life in rally to highest since August

  
Analysis, Gold / Silver

Silver up 3% today

Silver up 3% today
Precious metals are stronger today but silver is far outpacing gold with a 3% rally compared to +0.8% in gold.
The seasonals turn for precious metals in about a month but technically, silver is bouncing off the Q3 2020 low of $21.60 in a sign that the long-term range isn’t done yet. It will need to get above $25 to get some real momentum going.
Silver is getting attention from the green energy crowd as well as it’s used in solar panel production.

Bundesbank president Weidmann has requested to leave position at the end of the year

  
  Analysis

Weidmann cites personal reasons

Weidmann
This is a bit sudden, as Weidmann has requested the federal president to dismiss him from office on 31 December 2021 amid personal reasons. For some context, Weidmann has been the head of the Bundesbank since May 2011. In a letter to staff, he wrote:

Over all these years, it has been an honour and a matter close to my heart to represent the Bundesbank as an institution – and thus all of you – and to shape the Bank’s positions together with you in the interest of a stable currency, a stable financial system, stable payment systems and a secure cash supply. I know of no other institution where so much expertise meets so much commitment to the manifold important public tasks.

This makes the decision to ask the Federal President for my release from office on 31 December 2021 all the more difficult. But I have come to the conclusion that more than 10 years is a good measure of time to turn over a new leaf – for the Bundesbank, but also for me personally.

I wish you continued determination, fortune, but also satisfaction in your important tasks. Remain an audible voice of reason in public discussions and preserve the Bundesbank’s important stability policy legacy, which makes this institution so unique. At the same time, I hope that you will remain fond of me and try to understand my decision.

The full statement by the German central bank can be found here.
Go to top