FAST FIVE: Trader: Nothing Like A Lousy Number To Make Markets Happy
Progress on trade matters between the US and China is a positive development.
All of the trade recommendations calling for the much-anticipated move in bund yields back to the lofty zero level may have to wait for some confirmation from the foreign exchange market, where implied volatility in the options market continues to suggest that we are going nowhere fast.
Little episodes of short-term, event-driven optimism continue to have little influence on the pricing for the longer-dated outlook.
The very crowded emerging market currency trade continues to hang in there.
It's a little steeper on the 20-year announcement.