Saxo Market Call

Were ISM Services and Clarida the turning point in US yields?

August 5, 2021

Today's slide deck: bit.ly/3jmWQFb   -

Yesterday's session proved a bit of a rollercoaster with initially a bad ADP employment number but then later ISM Services Index showed record strong US services. Fed's Clarida (FOMC voter) also outlined his views that inflation will stay above target for the next three years with upside risks and that a rate hike in early 2023 is not unlikely. These events turned markets around with the USD higher against the EUR and JPY. The US 10-year yield seems to have bottomed for now pushing higher today. We also discuss Chinese technology stocks, natural gas prices in the US, gold and US earnings from yesterday and finally today's earnings. On today's podcast are Ole S. Hansen on commodities and hosting Peter Garnry on equities.

Intro and outro music by AShamaluevMusic

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