Note The table above is updated before publication with the latest consensus forecasts. However, the text charts are prepared ahead of time. Therefore there can be discrepancies between the forecasts given in the table above and in the text charts.
Rates as of 0500 GMT
Currencies are grouped today in the usual riskoff formation, with USD and JPY at the top and the commodity currencies at the bottom. The cause though is somewhat of a mystery.
US stocks opened higher, but around midmorning they plunged, but gradually recovered during the day to close modestly higher SP 500 0.4, NASDAQ 0.7. Explanations for the drop ranged from a stretched valuations, with the market hitting alltime highs ahead of earnings this week, to b monthend portfolio rebalancing out of stocks and into bonds, to c concerns that the US fiscal stimulus plan would be reduced in the Senate or delayed until March, or d the end of regional stayathome orders in California, which hit technologyworkfromhome stocks.
US stocks are indicated down 0.6 this morning.
European stocks closed lower yesterday Euro Stoxx 50 1.4 as they finished trading before the US market recovered.
Stocks are being whipped around by retail traders who follow tips on various online chat rooms, rather than reading Wall Street brokerage reports that focus on traditional metrics such as earnings per share EPS or Earnings Before Interest, Taxes, Depreciation, and Amortization EBITDA like professional investors…