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  • US Indices have pared some of their losses, with the S&P and Nasdaq trading back in the green. DOW -0.19% NDX +0.39% SPX +0.17% RUT -0.76% $DOW $QQQ $SPY $IWM
  • USD/MXN is in the midst of a bullish breakout from a short-term falling wedge pattern, but this plots in the midst of a much longer-term falling wedge pattern. Get your $USDMX market update from @JStanleyFX here:
  • Italian PM Conte convenes cabinet for Tuesday to inform ministers he is resigning - Cabinet office $EUR Confirming earlier reports
  • Gains on $WTI Crude have stalled out this month below $54.00. The commodity is currently trading around $52.30 after falling to a two-week low late last week. $OIL $USO
  • No notable reaction in BTPs given that resignation from Conte has been touted earlier in order to put together a new government. Also, a resignation does not necessarily mean that a snap election will be the next step as of yet.
  • The retail speculative crowd is throwing around serious weight with GameStop today, but its appetites have been showing through with the likes of Tesla and FAANG before that. The Broader $NDX to $SPX ratio seems to similarly exhibit the charge:
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in GBP/JPY are at opposite extremes with 66.51%. See the summary chart below and full details and charts on DailyFX:
  • AUD/USD still tracks the opening range for January amid the limited reaction to Australia’s Employment report. Get your $AUDUSD market update from @DavidJSong here:
  • The focus will shift as to whether Conte will search for a new parliamentary majority As a reminder, PD Lawmakers noted that they would guarentee support for Conte as head of new government if he resigns $EUR
  • Italian PM Conte is expected to resign as early as Monday - Officials $EUR
Bank Research Consensus Weekly 09.04.12

Bank Research Consensus Weekly 09.04.12

David Song, Strategist
Bank_Research_Consensus_Weekly_09.04.12_body_BankResearch.png, Bank Research Consensus Weekly 09.04.12

FX: ECB Meeting to Support the Euro

Arne Lohmann Rasmussen, Chief Analyst, Danske Bank

The focal point in the FX market in the coming week will be the ECB meeting. There is little doubt that the market has high expectations not least after the Wall Street Journal wrote that ECB President Draghi “due to the heavy workload foreseen in the next few days” would not attend the annual economic symposium in Jackson Hole this weekend.

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Bernanke: The Fed Has Options

John E. Silvia, Chief Economist, Wells Fargo

Chairman Bernanke’s speech at the Jackson Hole conference suggests that the Federal Reserve has a number of policy options to provide further stimulus, including another round of asset purchases, but there was no immediate announcement of any policy action. Our view, which is an extension of the interest rate guidance through 2015 but no QE3 at the Sept. 12-13 Federal Open Market Committee meeting, may be influenced by a weak jobs report. A weak jobs number may draw more substantial action at the September meeting.

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U.S. – From Jackson Hole, With Love

Chris Jones, Economist, TD Bank Financial Group

When Ben Bernanke speaks, it usually makes news. So when the Chairman delivered his opening remarks at the Kansas Fed’s Economic Symposium in Jackson Hole Friday morning, markets were listening. Recall it was at this event two years ago when the Chairman hinted at QE2. Now, with expectations of QE3 on the rise, market participants were once again looking for a signal that additional monetary stimulus is imminent.

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Compiled by David Song, Currency Analyst

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.