This is a good day to take off.
I can't take off because I'm doing a Live Trading Webinar at 1pm, EST (all are welcome), where we will be showing people NewsWare – the best way to get the FACTS in real time. Other than that, though, we don't expect much action today at tomorrow we have Jame's Comey's testimony, the UK election and the ECB rate decision. The Euro didn't wait and dropped half a point this morning as the UK is in electoral turmoil while Draghi has given every indication that "easy" is his only setting.
That's punched the Dollar up (we're long), giving us a nice start to the morning. The ECB is very focused on inflation and Draghi has repeatedly said that inflation must look like it's on a sustained path to 2% before he will remove monetary stimulus and inflation fell to 1.4% in May with core inflation way down at 0.9% – so there's really no drama tomorrow and that's what made our Dollar longs such an easy call.
It's a good thing the ECB doesn't have a jobs goal because PricewaterhouseCoopers (PwC) projects that 38% of jobs could be at risk of replacement by automation within the next 15 or so years. That's odd since Treasury Secretary Steven Mnuchin thinks that we're so far away from seeing artificial intelligence take American jobs that "it's not even on my radar screen." 38% of the US workforce is 62M jobs – about 4M per year over 15 years and our Treasury Secretary doesn't think it's worth thinking about?
In the shorter-term, the World Economic Forum projects a loss of 7.1M jobs in the World's top 15 countries by 2020 and, last I looked, we're halfway through 2017 so 2.5 years of carnage before the main event begins to devastate the workforce. Just last night, Elon Musk was talking about rolling out electric, self-driving trucks that would eliminate the need for 3.5M truckers working in the US – Jimmy Hoffa must be spinning in his unmarked grave!