A healthy crop extended into this week’s progress report, which showed conditions unchanged and harvest progressing at a favorable pace. Corn rated at 74% good to excellent is 20% higher than last year’s crop rating.
The credibility of the Federal Reserve appears to be waning as the market refuses to take their threats of pulling away the liquidity punchbowl seriously. On what was, by any objective measure, a spectacularly bad non-farms payroll number on Friday, the S&P 500 futures rallied
Adding to the appeal of the euro carry trade is the perception that the euro currency may depreciate further in response to ECB stimulus, potentially permitting investors to make a spread upon repayment of their currency loan.
The U.S. dollar reached an 11-month high on two very positive days, Aug. 19th and 20th respectively. While the Dollar Index is at its highest level since September 2013, the Euro broke the 1.33 level for the first time since that same time.