• This week saw markets bounce strongly after last week’s broad move lower, but major trends remain intact
• Markets that were trending lower are still trending lower: EU yield curves, US long yields
• Markets that were range bound are still range bound: Copper, US yield curve
• Markets that were moving higher are still moving higher: USD, Oil

WTI and Brent are up big, and $USDCAD is down big, with the $USD weak against almost everything today.

BUT:

US 3m bill #yields have come back down, and traded below the Fed’s 5 bps RRP “floor” intraday. Tight collateral conditions augur a stronger USD.#Markets #oil #oilprice pic.twitter.com/jjG8i4xO8v

— The Pensive Nugget (@pensivenugget) August 23, 2021