Fears about a war in Crimea have passed and risk trades are storming higher. I wrote yesterday about fading fear trades and the yen crosses are the main place to bet on risk appetite. EUR/JPY climbed as high as 140.46, which is just a hair below Friday’s close at 140.49. Look for buy stops above 140.50 and keep a close eye on stocks with S&P 500 futures pointing 19 points higher.
Update: Some chatter now of a just-issued report from a well-known think tank saying the ECB could take per-emptive action at this week’s meeting is knocking the euro back down.
