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Summary – July 19

LATAM
  • The LatAm calendar is light to end the week, with just Colombia imports and trade balance data for May due later. Elsewhere, focus for the duration of Friday trade turns to Canadian retail sales data for May and appearances from the Fed's Williams and Bostic.
  • USD – The strong USD backdrop so far Friday is persisting into the NY crossover, with the USD Index extending the bounce off yesterday's lows to near 0.7% and narrowing in on the 200-dma of 104.388. Flight to safe havens and a broad risk-off theme remains the key driver here, with the spillover effects of the bad patch from Crowdstrike impacting electronic systems worldwide.
  • Global news:
    • GLOBAL (MNI) – The spillover impact of Crowdstrike's "bad patch" for their Falcon Sensor system continues to reverberate around the global economy, with key services globally still hindered. So far impacts include, but are not limited to, the grounding of flights in the US while European, Australian and Indian airports all see significant delays, impacts to electronic payment systems, and sporadic issues for exchanges and financial news providers.
    • US (MNI) – President Joe Biden is seen to be nearing the point where he officially announces his withdrawal from the presidential race as the slow but steady series of Democrat lawmakers calling for him to drop out continues. Political betting markets have swung around wildly over the past week, but now Biden is assigned just a 16.1% implied probability of being the Democrat nominee according to electionbettingodds.com.
    • US (MNI) – The Federal Reserve is making progress toward bringing inflation back to its 2% target but it’s too soon to claim victory, San Francisco Fed President Mary Daly said Thursday. “We’re not at price stability yet, we have to be really confident we’re going to get there,” Daly said during a Q&A at the Dallas Fed. Officials must also be watchful of a weakening labour market to ensure things don’t deteriorate unexpectedly, she said.
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EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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