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Dollar Soars Amid US Debt Rate Cut — Nick Santiago 8-2-23 #515

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First published at 15:27 UTC on August 2nd, 2023.

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Source:
https://www.spreaker.com/user/appeal2/nick-515

1. Fitch Ratings downgraded the sovereign rating of the U.S. to AA+ from AAA. The agency cited repeated standoffs over the debt ceiling, high and growing general debt burden, and the reluctance …

Source:
https://www.spreaker.com/user/appeal2/nick-515

1. Fitch Ratings downgraded the sovereign rating of the U.S. to AA+ from AAA. The agency cited repeated standoffs over the debt ceiling, high and growing general debt burden, and the reluctance to address entitlement spending for the downgrade.

I agree with them for all the reasons mentioned.

2. This news is certainly putting pressure on the markets today. Bond yields on the 10-year note are now at 4.08%. The 2-year is around 4.90% and that is the important yield right now that traders need to focus on. We live in a debt society and that is not going to change anytime soon.
2a. The ADP Employment Change showed a 324,000 increase in private sector payrolls in July following a revised 455,000 increase in June (from 497,000).

3. The US Dollar Index (DXY) is trading higher again today. The dollar has been very strong over the past 12 sessions. This is a very difficult chart to read right now. 2 weeks ago the dollar was crashing and now it reversed course. Obviously, a stronger dollar hurts multinational stocks, but the dollar is still well off of its highs from September 2022 when it traded around 114.00.

4. Gold is flat today after falling yesterday. This is another very choppy daily chart which tells me investors are unsure right now. As I always say, let the pattern unfold and tell us more information.

5. Bitcoin futures are slightly higher right now. The daily chart is sloppy, but the weekly chart still looks fine.

LESS