It is the 20th of September 2019

News

Has The Great Carry Unwind Arrived: Yen Surges After Warning USDJPY 100 Coming

For all the talk that the BOJ would unleash more stimulus, buy REITs, more ETFs (both existent or non-existent), or outright stocks, today the USDJPY did something it has not done in 7 weeks: the world's preferred carry trade currency just slumped to the lowest level since early November. If it wasn't for  the recent bounce in crude, and if the traditional USDJPY-ES correlation pair had not broken down as a result, the S&P would be well below 2000 at this moment.

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Sri Lankan Government Official Busted For "Smuggling Gold Bars In Rectum"

Amid ongoing efforts by Indian authorities to monetize (read confiscate) the citizenry's precious metals (which we most recently detailed as an utter failure here and here), it appears the current suppressed low prices for gold have reignited demand and thus smuggling. Following the biggest seizure of smuggled gold earlier this year, The Guardian reports a 42-year-old-man, claiming to be a government official, was caught smuggling$15,000 of gold bars (hidden in his rectum) after police noted him "walking suspiciously."

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BIS Warns The Fed Rate Hike May Unleash The Biggest Dollar Margin Call In History

Over the past several months, one of the biggest conundrums stumping the financial community has been the record negative swap spread which we profiled first in September,  and which as Goldman most recently concluded, "has been driven by funding and balance sheet strains, especially since August."

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