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Prior -90.4 Outlook 26.0 vs 20.0 expected Prior 10.3 That’s the best reading since October with the outlook reading also improving to its highest since July. It points to some optimism to start the year in the German economy. However, it is still premature to say that this…

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Fundamental Overview The US Dollar came under pressure last week following the US PPI report as the details that feed into the Core PCE index, which is what the Fed focuses on, were all very soft. That helped to bring the early estimates down to more benign levels.…

Don’t hold your breath on this one. The US and Russia are meeting in Riyadh now and there will surely be positive takeaways from the meeting. As for the details, they may be lacking. I reckon a lot of this is to check on what can Russia do…

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Fundamental Overview Gold came under pressure last Friday following the weak US Retail Sales data. That reaction seemed wrong-footed given that it should actually support gold due to falling real yields. Moreover, Retail Sales are volatile so one negative month doesn’t change anything. Sure enough, the market eventually…

As a reminder, Ukraine will not be involved with the talks today and that might be a bit of a concern. If anything, it shows that Russia has the most flexibility in trying to appeal to the US while Ukraine will have to play catch up after. Also…