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Growth Data Prepared to Amplify Risk and Monetary Policy Volatility

Growth Data Prepared to Amplify Risk and Monetary Policy Volatility

John Kicklighter, Chief Strategist

Talking Points:

• Both risk (aversion in stocks and Yen crosses) and monetary policy (Fed, BoE, ECB) themes were active Tuesday

• We are reaching key levels for a range of benchmarks: USDollar, global equity indexes and Yen crosses

• September PMI data for China, Europe and the US is on deck, ready to accelerate an active market

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Whether we are looking at the EURUSD or the Nikkei 225, we can find the market is closing in on key technical levels. As boundaries to reviving or reversing multi-year trends, they require strong motivation to break. So far this week, we have seen market activity continue to run hot with risk aversion spreading through the market while monetary policy speculation (between a Fed hike and ECB stimulus) pulls exchange rates. This energy makes the market's susceptible to larger market swings that can turn into critical technical moves. Catalysts still have their place in this scenario though, and we are heading into a particular dense field of event risk. Global PMI manufacturing reports are strong approximations for timely GDP updates. We look at recent market moves and pressurized conditions in today's Trading Video.

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