Global Macro Perspectives
Technicians have drawn the S&P 500 line in the sand at 1.040 points. Every investor noways considers that a critical technical level. It got broken a few times intra-day, but now we have first closing bellow. The next resistance is at 880, if we get three consecutive closings bellow 1.040 that would be my next target. Chart 1. […]
MBA mortgage applications rose 8.8% for week ending June 25, the prior reading was a decrease of 5.9%. The refinancing index gained 12.6% and is responsible for a composite rise. Purchasing index fell 3.3%. Chart 1. MBA Mortgage Applications
ADP Employment rose 13,000 in June vs. revised rise of 57,000 in May. Nonfarm payrolls on Friday will be negative, probably missing a -111.000 consensus. Chart 1. ADP Employment
The ECB biggest ever liquidity facility – EUR 442 billion one year maturity is coming due tomorrow. To reduce the strain on the banks, ECB introduced 3 month LRTO (Long-Term Refinancing Operation) which banks could use to refinance the maturing facility. The market estimate for the LTRO size was EUR 220 billion – EUR 250 billion. The […]