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Quiet macro day with Durable Goods Orders looking like a beat - but only because of sizable downward revisions - as orders and shipments are actually down on a YoY basis. chart But stocks were messy with an opening bid immediately squelched and post-EU-close ramp faded into the US close. Small Caps were the day's laggard as Nasdaq outperformed while The ...
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The swaps market is flashing warnings there could be a dash for dollar liquidity on a scale last seen at the start of the pandemic, according to Mizuho International Plc. Andra Belcea, head of cross-currency swaps trading at Mizuho, flags the cross-currency basis — a measure of the extra cost non-US banks face when sourcing dollars offshore instead of ...
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