25Aug11:22 amEST

We'll Be Slugging it Out in Japan This Weekend

Slugging it out in Jackson Hole, more precisely. 

With Powell having spoke this morning, and ECB President Christine Lagarde speaking later today out in Wyoming, do not sleep on new Bank of Japan Governor Kazuo Ueda's remarks tomorrow. 

Granted, it is on a Saturday. However, the weakness in the Japanese Yen currency continues to be a theme, and the Dollar/Yen currency cross (updated, below, on the weekly timeframe) is still breaking out from a tight consolidation with the October 2022 highs in sight as the Dollar strengthens against the Yen.

It is often said that markets love to put new central bankers to the test. And given the delicate balancing act Japan faces with its monetary policy situation, including yield curve control under threat from inflation, this seems like a good example of the market doing just that with Ueda. 

As for our markets today, the text of Powell's speech was nothing new. We have heard virtually the same thing over and over again in recent FOMC pressers. Stocks are indecisive and trying to find a way from here, with rallies faded all throughout August so far, but with bears still needing to land more body blows to get this market rolling downhill more forcefully. 

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