A combination of weak payrolls data (dovish) and an OPEC deal (oil higher, inflation hawkish) has traders scrambling to see beyond the algos next move. For now, oil, stocks, gold, and bond yields are up and the dollar is down…
WTI is surging (but not insanely)
The Dollar was monkeyhammered as traders saw weakness as cementing a more dovish tone from The Fed…
And gold and stocks loved that (so why are bonds selling off?)
Here’s why – the OPEC deal sent crude prices soaring which triggered breakevens…
Still along way to the open and a longer way to the close.
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