Last week, the stock market trading was relatively calm, and the US dollar index rose for 8 consecutive weeksđ
Last weekâs quiet session ended with the USD spot index rising for an 8th straight week, the longest such run since 2005. The strength of the USD was helped by CNHâs record weakness without a lot of verbal jawboning from the PBoC, in addition with a move higher in US yields amid a rush of corporate supply and oil nearing $90 a barrel. Equities were similarly quiet, with Apple dominating most of the auction as it sold off around 6% in aggregate after China announced that it would seek to broaden the ban on iPhones across government and SOEs. In addition, the US saw the highest number of corporate defaults YTD in over 3 years, though they are expected to peak around the middle of next year and below their recent peaks despite borrowing rates being at the highest levels in 15 years.
