U.S. Dollar Rally

Good Morning Everyone!

Good Morning Everyone! Remember, the most important meme stock on the planet reports today. Here's what analysts are saying about GameStop:  

SELL: 3 Wall Street Banks

HOLD: 1 Wall Street Banks

BUY: 12.5 million Wallstreetbets Apes

Prices as of 4 pm EST, 9/6/22; % YTD

MARKET UPDATE

Conference Season has begun (Goldman & Barclays today)

• Some pre-announcements from conferences but certainly not all

• Newell Brands NWL                  negatively pre-announced

• Church & Dwight CHD             top line guidance cut

10yr       3.3%

• 2 p.m. Fed Beige Book

• Whisper number for the September 21 FOMC meeting is now 75-point hike

• This shift from 50 to 75 points is helping drive the U.S. dollar higher

U.S. dollar to:

• Euro                       1.01

• Yen                        144.8

• British pound     0.87

• Canadian             1.32

Crude    86  (-1%)

• U.S.

  • Joe Manchin’s plan to fast-track federal approvals of energy projects heads to Congress this month

• China

  • China Trade was weaker in August with both imports and exports coming in below consensus.

  • China’s crude oil imports were 9.5 mm bbl, down 9.4% y-o-y

• Russia

  • President Putin said that Russia would not supply crude oil, refined products or natural gas to any countries that introduce price caps on Russian Commodities

Apple AAPL

• 1 p.m. iPhone 14 launch

CRYPTO UPDATE

Binance vs. USDC

• Binance will stop supporting stablecoin USDC

• USDC = world’s 2nd largest stablecoin

• BNB (Binance stablecoin) = 3rd largest

Yesterday’s sell-off sparked highest BTC liquidations since August 2018

BTC’s BTC/USD put/call ratio is elevated while ETH’s ETH/USD is moving down

These are the tickers dominating the news headlines: