Key Takeaways with Craig
US Equity prices struggled to find a clear direction again, a day after yesterday’s sharp declines and as we near the cash market close, the major indexes were mixed. Implied volatility ticked lower but the skew move was dependent on the index. In the E-mini S&P 500 the Calls were slightly bid versus the Puts while in the Nasdaq-100 the Puts were slightly bid over the Calls.
After several week of relative US Dollar strength versus most major currencies, we’ve seen some weakness lately, and again today. CME FX futures markets indicated most major foreign currencies gained relative to the US Dollar. Perhaps this had something to do with the rally we saw in Gold futures prices today, which had been steadily selling off since the middle of April.
As we did yesterday, we used QuikStrike data to graph price and implied volatility in 4 of the major currency pairs listed at CME. As you can see from the orange line, recently, we’ve seen some US Dollar weakness after several weeks of sustained US Dollar strength since March.
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