Ole Hansen, Head of Commodity Strategy at Saxo, gives a quick take as a commodities expert. He discusses a sharp yen rally tied to possible U.S.-Japan coordination. Natural gas spikes from winter storm supply issues get attention. Precious metals roar higher as silver sails past $100 and China/retail demand heats up.
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insights INSIGHT
US May Be Capping Yen Weakness
A flash of yen strength Friday suggested possible US involvement to limit further JPY weakness.
John Hardy says this likely places a firm ceiling under dollar-yen and may mark the end of the recent yen weakness.
insights INSIGHT
Yen Shorts Drove Dollar Positioning
Aggregate dollar positions were roughly flat due to large yen short positions being covered.
Ole Hansen notes the move was largely short-covering and asks what level will attract fresh longs.
insights INSIGHT
Storm Sparks Short-Term Gas Surge
US winter storm caused pipelines and LNG flows to be disrupted, doubling front-month natural gas prices.
Ole Hansen warns the spike is front-contract concentrated and may normalize toward spring unless export damage is found.
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Friday gave us a huge signal that the US may be extending Japan a helping hand in preventing further yen weakness - certainly effective for putting a floor on the JPY price from here on out - but how should we read the US dollar on this apparent move? Elsewhere, US natural gas prices are spiking wildly if only for the front contract on the winter storm there and precious metals prices have extended aggressively once again as silver sliced through 100 dollars an ounce. This and more as earnings season heats up this week. Today's pod features Saxo Head of Commodity Strategy Ole Hansen and is hosted by Saxo Global Head of Macro Strategy John J. Hardy.
For our longer form podcasts, you will also find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack.
Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here.
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