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Market Brief: No Fireworks From Fed Minutes, Retails Rejoice

ByMatthew Weller
Published 08/22/2019, 04:30 AM
Updated 07/09/2023, 06:31 AM

  • FX: Yesterday’s trade had a slight risk-on flavor, with the risk-sensitive loonie and Aussie leading the way higher among the majors and the “safe haven” Swiss franc bringing up the rear. The Canadian dollar was boosted in part by hotter-than-expected CPI data 2.0% y/y vs. 1.7% eyed).

  • Traders ramped up preparations for a potential no-deal Brexit after an unnamed French official stated that the current baseline scenario is for a no-deal Brexit.

  • The FOMC minutes affirmed the Fed’s relatively optimistic domestic/cautious global outlook and raised the stakes for Friday’s Jackson Hole speech by Fed Chairman Powell.

  • Commodities: Both gold and oil fell by less than 1% on the day.

    • US Cash Indices % Change

  • US indices closed a bit below 1% higher on the day. Even FX traders are keeping a close eye on stock indices, given USD/JPY’s close correlation with the S&P 500.

  • Consumer Discretionary (NYSE:XLY) stocks led the way higher for the second straight day, with Consumer Staples (NYSE:XLP) bringing up the rear. All eleven major sectors rose on the day.

  • Stocks on the Move:

  • Retailers rejoiced after strong earnings reports from Target (NYSE:TGT), (+19% to a record high) and Lowe's (NYSE:LOW), (+10%).

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