HEFFX Live Trading Update

MARKET PULSE

US Fed at Jackson Hole: Gearing up to hike amidst rocky terrain
US Fed’s Fischer said he’s confident inflation will rise, though undecided on Sep. hike
US Fed’s Lockhart said time to raise is close
USD futures show a 38 % chance the Fed will raise rates in Sep
USD futures show a 61% chance the Fed will raise rates in Dec
Forecast: US Jobs data – 200,000 jobs in Aug ( 4th straight month of over 200,000)
China said to order brokerages to boost support for stock market
PBOC deposit rate cut passed on more keenly as bank strains show
Goldman Sachs Group Inc. cut its forecast for Chinese growth
Japan -Third time unlucky for Abenomics as inflation drops back to zero
Today: Euro-zone CPI estimate, Italy CPI
India’s total external debt rose 6.6% Y/y to $475.8b at end-March 2015
FX reserves rise $920.6m to $355.4
FII sales of Indian stocks at $2.52 billion in Aug most since Oct 2008

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FOREIGN EXCHANGE
MARKETS

USD/JPY -0.55% at 121.04 (range 121.01-121.75)
EUR/USD +0.55% at 1.1247 (range 1.1161-1.1249)
AUD/USD -0.43% at 0.7142 (range 0.7125-0.7179)
USD/CAD +0.30% at 1.3239 (range 1.3200-1.3252)
GBP/USD +0.23% at 1.5427 (range 1.5378-1.5436)
USD/CHF -0.48% at 0.9591 (range 0.9591-0.9647)
U.S. Treasuries mixed, with 10-year yield down 2 bps at 2.161%

FACTORS

US Fed at Jackson Hole: Gearing up to hike amidst rocky terrain
US Fed’s Fischer said he’s confident inflation will rise, though undecided on Sep. hike
US Fed’s Lockhart said time to raise is close
USD futures show a 38 % chance the Fed will raise rates in Sep
USD futures show a 61% chance the Fed will raise rates in Dec
Forecast: US Jobs data – 200,000 jobs in Aug ( 4th straight month of over 200,000)
China said to order brokerages to boost support for stock market
PBOC deposit rate cut passed on more keenly as bank strains show
Goldman Sachs Group Inc. cut its forecast for Chinese growth
Japan -Third time unlucky for Abenomics as inflation drops back to zero
Today: Euro-zone CPI estimate, Italy CPI
No. of active rigs seeking oil in U.S. rise for 6th week to 675 (May high)
CBOE Crude Oil Volatility Index rose to 5-month high Friday

GOLD
MARKETS

Gold stop flat at $1,134.33 in early Asian hours from $1,133.55 close Friday
Gold had risen 0.8 % on Aug. 28, but had a first weekly fall after 3 weeks of gain
Gold futures Dec flat at $1,133.90, after a 1 % gain on Friday.
Silver spot fell 0.3 % to $14.5553

FACTORS

Federal Reserve officials reflecting on a potential interest rate increase in the U.S.
Bets on a Sep Fed rise climbed after Vice Chairman Fischer said inflation will rise

CRUDE OIL
MARKETS

WTI falls, heads for 3rd monthly decline
WTI fell this month below $40/bbl for 1st time since Feb. 2009
WTI Oct at $44.36/bbl early Asian hours
Total volume double the 100 day moving average
WTI prices -5.4% in Aug., set for 3rd monthly drop
Brent Oct down $1.03 at $49.02/bbl
Brent-WTI spread for Aug end at $4.65/bbl vs $5.09 Jul end .

FACTORS

U.S. drilling activity shows no signs of slowing even as global glut persists.
No. of active rigs seeking oil in U.S. rise for 6th week to 675 (May high)
CBOE Crude Oil Volatility Index rose to 5-month high Friday

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