Currency traders work near the screen showing the Korea Composite Stock Price Index , center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, Oct. 11, 2023. Shares are higher in Asia, tracking Wall Street gains following an easing of pressure from the bond market. A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, Oct. 11, 2023.
Investors have taken heart amid signs that upward pressure on inflation in many economies may be easing, which would enable the Federal Reserve and other central banks to halt or reverse aggressive interest rate hikes meant to curb rising prices. Treasury yields had jumped last week to their highest levels in more than a decade, following the lead of the Fed’s main interest rate, which is at heights unseen since 2001. They’ve been the main reason for the stock market’s stumbles since the summer, as worries rise that the Fed will keep its federal funds rate at a high level for longer than Wall Street hopes.
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Wall Street IG Client Sentiment: Our data shows traders are now net-short Wall Street for the first time since Sep 21, 2023 when Wall Street traded near 34,068.90.Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Wall Street-bullish contrarian trading bias.
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