As Monday's losses are recovered, the question becomes...Is this just a bounce on the way down to $1460 or was Friday-Monday the quick selloff that sets the stage for new 2019 highs?
A lot of that will depend, of course, on tomorrow's PMIs and the Friday Jackson Holedown speech by Chief Goon Powell. If PMIs are weak and Powell is dovish, yesterday's drop will be long forgotten. As you'd expect, the converse must be noted, too.
For today, though, a couple of somewhat significant things have happened:
- The PBOC fixed the yuan last night at 7.0454, up (weaker...