Saudis Announce New Mineral Investment Project

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Saudi Arabia last year increased the valuation of its unexploited mineral resources from $1.3 trillion to $2.5 trillion, boosted by the discovery of rare earth elements and metals. The kingdom announced a new mineral investment project valued at $100 billion, with $20 billion already in the final engineering phase or under construction

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US Budget Deficit Hits $711 Billion

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BREAKING: The US budget deficit hit a massive $711 BILLION for the first 3 months of Fiscal Year 2025

This is ~$200 billion, or 39%, higher than in the same period last year

The deficit reached $2.0 TRILLION for the full calendar year 2024, up $248 billion YoY.
Also, deficit spending rose from 6.4% to 6.9% GDP in 2024

Such a high percentage has never been seen outside of wars or major economic crises

The US budget deficit is at crisis levels

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Bessent: Dollar Must Remain As World’s Reserve Currency

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Maintaining the dollar as the world’s reserve asset is critical to US economic health and the nation’s future, Scott Bessent, Donald Trump’s nominee for Treasury secretary, will tell a Senate committee, according to prepared remarks. “We must secure supply chains that are vulnerable to strategic competitors, and we must carefully deploy sanctions as part of a whole-of-government approach to address our national security requirements,” Bessent plans to tell senators on the Finance Committee Thursday, according to a spokesman, who shared his remarks. “And critically, we must ensure that the US dollar remains the world’s reserve currency.”

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BofA: Do Not Freak Out About Higher Yields

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🚨 🚨 “We’re in an environment where long bond rates are probably going to move higher. But I don’t think we should freak out about that,” Savita Subramanian, head of U.S. equity and quantitative strategy at Bank of America, said

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Yuan Will Weaken Further

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Since the beginning of December, the yuan has weakened 1.3% against the dollar and is nearing a 16-month low. A dollar now buys around 7.33 yuan. Many economists predict that the Chinese currency will end the year at around 7.5 per dollar, the weakest in nearly two decades

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EUR/USD Is Headed To Parity

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EURUSD sellers take back control and erase all the gains. Price is back below the 200 hour MA disappointing the buyers. The pair recently reaching a low of 1.02867—just above the intraday low of 1.02858. Over the past few hours, selling pressure has intensified as the pair failed to sustain levels above the key targets. The price has now dropped below the 200-hour moving average at 1.03037

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US Homebuyers Are Giving Up

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The housing market is frozen:
Mortgage demand in the US has fallen to its lowest level since 1995, according to Reventure.
Since the peak seen less than 4 years ago, US mortgage applications are down a MASSIVE -63%.
Homebuyers are officially giving up

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Buy Netflix On Any Dip

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BMO Capital Markets has raised its year-end ad-supported subscriber estimate for Netflix to 90 million from 60 million, citing “successful live events in the fourth quarter of 2024, WWE beginning in the first quarter of 2025, Women’s World Cup Soccer in 2027 and upside from yet-to-be-announced titles.”

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The Dollar Is Being Bought

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The US Dollar Index (DXY) is rising from session lows. After experiencing some downward pressure earlier, the dollar has shown signs of strengthening. The DXY recovered from a session low of 108.60 and is at the time of this writing trading at 109.27. Earlier in the week, the dollar index had fallen to a one-week low ahead of the US inflation data release. Solid US economic data has been supporting the dollar, suggesting that the Federal Reserve may slow its easing cycle. This has contributed to the dollar’s recovery from recent lows. The dollar’s strength has been persistent, with the currency rising 7% in 2024 despite two Fed rate cuts

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