Mortgage bond prices are currently extremely volatile with swings of
4/32 common. The volatility comes as traders digest comments from ECB
head Draghi.
In news released this morning, weekly jobless
claims printed at 365K and continuing claims, a summation of all
receiving benefits, at 3,272K. That data was near expectations.
In
Europe, the ECB held rates unchanged with chairman Draghi speaking when
the financial markets opened in the US. From the comments we have
seen, it appears as if he is setting up fight between the ECB/Euro Zone
and Germany. Germany opposes the outright purchase of debt from the
PIGS of the euro. This is going to be very interesting to see how it
plays out.
Stocks open at 9:30 am ET and factory orders data will be released at 10:00 am ET.
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