Optimism in the market didn’t last long, and the US equities recorded their worst daily drop since almost two years; the S&P500 fell more than 4% lower yesterday, Nasdaq slumped more than 5% and the Dow slid more than 3.5%. The main catalyzers behind the move are always the same: the worry of high inflation, tighter Fed to fight the sky-high inflation, and the fear of recession. Disappointment US retailer results further dented appetite, Target lost near 25%, and Walmart is down by near 18% since Monday close. Michael Burry on the other hand goes after Apple, while big banks have their PTs set at or above the $200 a share. In the FX, the US dollar strengthened yesterday, gold was better bid, and Bitcoin proved been resilient to the latest Nasdaq rout. The Loonie gained yesterday, after the data revealed that the Canadian inflation hit a three-decade high of 6.8%. The EURUSD returned below the 1.05 mark and the pound-dollar couldn’t benefit from a fresh multi-decade high inflation print yesterday. We discuss: what will take for the major currencies to gain back some field against a 20-year high US dollar! Watch the full episode to find out more! 0:00 Intro 0:22 Market update 1:49 US retailer stocks hit hard on Q1 earnings 2:57 BoFA says buy Walmart, would you? 4:11 Michael Burry goes after Apple 6:10 FX, commodity update 8:57 What would take major currencies to recover? Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020.
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