Saudi Arabia's oil minister implicitly threatened more action from OPEC due to "low" prices and growing short positions betting against supply constraints. Demand is increasingly dire and not just for energy. Deflationary signals are growing in other commodities as well as a whole bunch of economic data, too.

Eurodollar University's Money & Macro Analysis

Telegraph (India): Reserve Bank of India intervenes strongly to stop rupee slide without targeting any level
https://www.telegraphindia.com/business/reserve-bank-of-india-intervenes-strongly-to-stop-rupee-slide-without-targeting-any-level/cid/1938073

CNBC: Saudi oil minister warns market speculators to ‘watch out’ ahead of OPEC+ meeting
https://www.cnbc.com/2023/05/23/saudi-oil-minister-warns-market-speculators-to-watch-out-ahead-of-opec-meeting.html

SPG: US PMI Press Release
https://www.pmi.spglobal.com/Public/Home/PressRelease/fb16b048c1ca4d659e136ae0c52faaa2

SPG: Europe PMI Press Release
https://www.pmi.spglobal.com/Public/Home/PressRelease/be7af66837044599909ada08e24783b8

Chicago Fed Survey of Economic Conditions
https://www.chicagofed.org/research/data/cfsec/current-data

Richmond Fed Fifth District Survey of Service Sector Activity
https://www.richmondfed.org/-/media/RichmondFedOrg/research/regional_economy/surveys_of_business_conditions/service_sector/2023/pdf/svc_05_23_23.pdf

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Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.

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