Looks like commodities are not too concerned by the RBA’s unexpected pause. Gold is up to $1116 (from $1075 late last week) and Oil is up another $2 at $76.50. We we’re on a $72 handle late last week.
The currency aspects of the reflation trade are relatively muted today with EUR/JPY still range-bound and AUD/USD suffering as a result of the RBA.
