Last week, US Secretary of State John Kerry promised “serious series of steps” against Russia today if the referendum in Crimea went ahead. He made the promise on Thursday, at shortly after 11 am ET and it sent risk assets reeling. Here we are on Monday and the “serious steps” are merely sanctions against a few oligarchs.
EURUSD 30 minute.
Same story in stocks.
S&P 500 10 minute
Stocks and EUR/USD have made back most of the losses but GBP/JPY is a great risk proxy lately and is still climbing back.
- GBP/JPY 10 minute
The surprise now would be if the US came back with something more substantial but that would probably require all of Congress to get involved and whenever that happens it’s a gong show.
“You call those ‘serious steps’?”
