USD flows: Latest tweet, modest reaction with so much noise
Moderate reaction to latest tweet, too much noise and reaction exhaustion
Hardly helpful and adds uncertainty, even if reports suggest the more detailed background work has made headway
While it is not particularly productive to note every tweet and every gyration - and the market’s reaction beta has certainly got ever smaller - it is still worth acknowledging the latest from Trump that “they have taken too long to negotiate a deal that would have been great for them, now they have to pay the price”.
It doesn’t necessarily mean anything and fits with blowing hot and cold and what is a not necessarily tactically well-calibrated approach to negotiation and deal making in this case. But it is of course hardly helpful even if the threat is hollow and even less so if it isn't. Oil has shifted from small down to small up, and the dollar and yields slightly supported, but accordingly measured reactions. US CPI is next up.