Greetings,
The United States: Mortgage applications registered a pullback last week and refi activity eased.
However, we should see an improvement this week as mortgage rates move back below 6.5%.
The Eurozone: French business activity rebounded this month, boosted by the Paris Olympics.
Emerging Markets: Carry traders have been frustrated by the Mexican peso’s weakness.
Energy: US crude oil and refined product inventories declined last week, surprising to the downside.
Global Developments: The combined shift in relative rates plus the carry unwind explains sharp FX moves over the past few weeks.
Food for Thought: Seafood from aquaculture vs. wild catch:
Edited by William Villacis
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