Stocks are down over 4% and the CRB sits at 7-year lows. Yet the dollar is undable to make further gaisn. What’s a trader to do? Cover!
That’s helping prompt a pop in EUR/USD and particularly in cable. The pound triggered stops above the 1.4050 level in the last few minutes, jumping to 1.4075. EUR/USD has edged up to 1.2600 in sympathy.
Looks like we’ve seen the range for the day in the US with the downside likely safe unless stocks fall to pieces in the final half hour. After being down more than 4% already, it is hard to imagine what level will pull the forex market out of its ranges…
